Bitcoin Search Interest Hits Yearly Low as ‘Memecoin’ Popularity Soars

During the week of October 12, 2024, Google search interest in “Bitcoin” plummeted to its lowest level in a year, dropping to just 33 on a scale of 100. This decline highlights waning interest in the leading cryptocurrency.

In contrast, the term “memecoins” saw a robust search volume of 77 out of 100 during the same timeframe. While this is impressive, it has yet to surpass the peak of 100 achieved in late October 2023.

CryptoQuant’s CEO, Ki Young Ju, remains optimistic, forecasting that the search volume for memecoins could reclaim its all-time high by the end of October 2024, given the strong market interest in these digital currencies.

Memecoins Become the Highest-Performing Digital Asset Sector in 2024

In 2024, memecoins have outperformed all other sectors in the crypto market, and their momentum shows no signs of slowing down. According to Step Finance, the Solana network has seen the creation of an astounding 491,000 new tokens since September 12, 2024.

On October 9, Solana Floor reported a staggering launch of nearly 20,000 new tokens in just 24 hours, with most categorized as memecoins. In a post on October 12, the Solana-focused outlet revealed that the total market capitalization of memecoins on the Solana network surpassed $10 billion, accompanied by a daily trading volume of approximately $2.3 billion.

Platforms like Pump.Fun have been pivotal in driving the memecoin boom on Solana. They offer user-friendly interfaces, low transaction fees, and rapid liquidity access on decentralized exchanges like Raydium, making it easy for anyone to launch new tokens.

Earlier this year, industry executive Justin Sun announced the debut of the SunPump platform—a memecoin creation tool on the Tron network, mirroring the functionality of Pump.Fun on Solana. According to Dune analytics, SunPump has witnessed the creation of 90,000 memecoins since its launch in August.

However, trading memecoins comes with considerable risk, prompting warnings from investors and industry leaders alike. Mark Cuban, a notable investor, expressed his skepticism, stating that he believes “every meme coin is a rug pull in the works,” urging caution among potential traders of these speculative assets.

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