‘Bitcoin’ search volume drops to annual low, ‘memecoin’ rises.
On October 12, 2024, Google search volumes hit a 1-year low. Out of a scale of 100, global demand for the search term dropped to 33 over the weekend.
Meanwhile, the search volume for “memecoins” was 77 out of 100 during the same period but has yet to surpass the top 100 peak reached at the end of October 2023.
However, CryptoQuant CEO and founder Ki Young Joo believes that the search volume of memecoins will return to its all-time high by the end of October 2024 as market demand for these digital assets remains high.
Google search interest for the word “Bitcoin”. Source: Google
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Memecoins will be the highest performing digital asset sector in 2024.
Memecoins will outperform all other sectors in the crypto space by 2024 and show no signs of slowing down for the rest of the year. According to Step Finance, 491,000 new tokens have been created on the Solana (SOL) network since September 12, 2024.
On October 9th, Solana Floor reported that nearly 20,000 new tokens were launched on Solana in the last 24 hours and stated that most of these new tokens are memecoins.
Creating a new token on Solana. Source: Step Finance
A Solana-focused news outlet also reported that memecoins had a combined market capitalization of over $10 billion and a 24-hour trading volume of $2.3 billion on October 12, 2010.
Platforms like Pump. Memecoin has fueled the craze for Solana thanks to its streamlined user interface, low transaction fees, and fast liquidity on decentralized exchanges like Radium.
Earlier in 2024, industry executive Justin Sun announced the launch of the SunPump platform – a memecoin creation platform on the Tron (TRX) network similar to Pump. Interesting forum on Solana. According to Dune, 90,000 memecoins have been created on the SunPump platform since its launch in August.
Trading memecoins carries significant risk and has drawn criticism from investors, industry executives and traders. Investor Mark Cuban recently stated that he believes “every meme coin is a drag on the job” and warned the public against trading highly speculative assets.
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