‘Bitcoin’ search volume drops to a yearly low, while ‘memecoin’ surges
Google search volumes for the term “Bitcoin” (BTC) reached 1-year lows during the week of October 12, 2024. Out of a scale of 100, worldwide interest in the search term dropped to just 33 by the end of the week.
Meanwhile, the search volume for “memecoins” was 77 out of 100 during the same period but has not yet managed to break through a previous all-time high of 100 reached in late October 2023.
However, CryptoQuant CEO and founder Ki Young Ju believes search volume for memecoins will reclaim the previous all-time high by the end of October 2024 as market interest in these digital assets remains high.
Google Search interest for the term “Bitcoin.” Source: Google.
Related: BTC price eyes sub-$65K hurdles as metric hints Bitcoin ‘going to rip’
Memecoins become the highest-performing digital asset sector in 2024
Memecoins have outperformed all other sectors in the crypto space during 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 Sept. 12, 2024.
On Oct. 9, Solana Floor reported that nearly 20,000 new tokens were launched on Solana during the previous 24 hours and noted that most of these new token mints were memecoins.
New token creation on Solana. Source: Step Finance.
The Solana-focused news outlet also revealed that memecoins on Solana had a combined market capitalization exceeding $10 billion and a 24-hour trading volume of roughly $2.3 billion in an Oct. 12 post.
Platforms like Pump. Fun fueled the memecoin craze on Solana due to a streamlined user interface, low transaction fees, and access to quick liquidity on decentralized exchanges like Raydium — allowing almost anyone to issue new tokens.
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 the Pump. Fun platform on Solana. According to Dune, 90,000 memecoins have been created on the SunPump platform since its inception in August.
Trading memecoins carries a substantial risk and has drawn criticism from investors, industry executives, and business magnates. Investor Mark Cuban recently stated that he believes “Every meme coin is a rug pull in the works,” and cautioned the public against trading the highly speculative assets.
Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
