Memecoins Beat Bitcoin in Google Search Volumes
Google search volumes for the term "Bitcoin" hit their lowest point in a year during the week of October 12, 2024.
On a scale of 100, global interest in the term dropped to just 33 by the end of the week.
In contrast, search volume for "memecoins" was significantly higher, reaching 77 out of 100 during the same period, although it has yet to surpass the previous peak of 100 from late October 2023.
CryptoQuant CEO and founder Ki Young Ju expects the search volume for memecoins to reach that all-time high again by the end of October 2024, citing sustained market interest in these assets.
Memecoins have outpaced all other sectors in the cryptocurrency market throughout 2024, with no signs of slowing down for the remainder of the year.
According to Step Finance, 491,000 new tokens have been created on the Solana network since September 12, 2024.
On October 9, Solana Floor reported nearly 20,000 new tokens were minted on Solana in the previous 24 hours, noting that most of these were memecoins.
The Solana-focused news outlet also shared that memecoins on Solana had a combined market capitalization of over $10 billion and a 24-hour trading volume of around $2.3 billion, as of October 12.
Platforms like Pump.Fun have contributed to the memecoin boom on Solana by offering an easy-to-use interface, low transaction fees, and quick access to liquidity on decentralized exchanges such as Raydium, enabling almost anyone to launch new tokens.
Earlier in 2024, industry figure Justin Sun announced the launch of SunPump, a memecoin creation platform on the Tron network, which operates similarly to Pump.Fun on Solana.
According to Dune, 90,000 memecoins have been minted on SunPump since its inception in August.
Trading in memecoins involves significant risk and has faced criticism from investors and industry leaders.
Investor Mark Cuban recently warned that "Every meme coin is a rug pull in the works," advising the public to be cautious when trading these highly speculative assets.
Sources:
https://cointelegraph.com/news/bitcoin-google-search-volume-drops-yearly-low-memecoins-surge
https://x.com/ki_young_ju/status/1845070220454744215
https://trends.google.com/trends/explore?q=Memecoin
https://x.com/SolanaFloor/status/1844005776832217475
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