Google search volumes for the term “Bitcoin” (BTC) reached a one-year low during the week of October 12, 2024. Global interest in this search term dropped to just 33 out of 100 by the end of that week.
In contrast, search volume for “memecoins” was at 77 out of 100 during the same period, but it has not yet surpassed the previous record of 100 which was achieved in late October 2023.
Despite this, CryptoQuant CEO and Founder Ki Young Ju believes that search volume for memecoins will reach its previous all-time high by the end of October 2024, as market interest in these digital assets remains strong.
Memecoins have outperformed all other sectors in the crypto space in 2024 and are expected to continue this trend for the remainder 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 9, Solana Floor reported that nearly 20,000 new tokens were launched on Solana in the last 24 hours, with most of them being memecoins.
Additionally, the Solana-focused news channel revealed that memecoins on Solana had a combined market cap exceeding $10 billion and a 24-hour trading volume of around $2.3 billion as of October 12.
Platforms like Pump.Fun have fueled the memecoin craze on Solana by providing a user-friendly interface, low transaction fees, and access to quick liquidity on decentralized exchanges like Raydium, making it easy for anyone to issue new tokens.
Earlier in 2024, industry director Justin Sun announced the launch of the SunPump platform, which allows for the creation of memecoins on the Tron (TRX) network, similar to the Pump.Nice platform on Solana. According to Dune, 90,000 memecoins have been created on the SunPump platform since its inception in August.
Trading memecoins carries substantial risk and has drawn criticism from investors, industry executives, and business magnates. Investor Mark Cuban recently warned against trading these highly speculative assets, stating that he believes “Every meme coin is a mess in the making.”