Bitcoin News, Crypto News
Bitcoin Search Volume Hits Yearly Low as Memecoin Interest Soars
Oct
Search Interest in Bitcoin Hits Yearly Low as Memecoins Thrive
In September 2024, the popularity of memecoins surged significantly, with substantial gains primarily fueled by the influx of new token launches on the Solana and Tron networks.
Recent data indicates that the Google search interest for the term “Bitcoin” reached its lowest point in the past year during the week of October 12, 2024. Interest on a scale of 100 dropped to just 33.
During the same timeframe, the search volume for “memecoins” peaked at 77 out of 100. However, it has yet to surpass its all-time high of 100, achieved in late October 2023.
Notably, Ki Young Ju, the CEO and founder of CryptoQuant, anticipates that search interest in memecoins will return to previous highs by the end of October 2024 due to sustained market enthusiasm for these digital tokens.
Google Search interest for the term “Bitcoin.” Source: Google.
Memecoins Leading Digital Asset Sector in 2024
The memecoin sector has consistently outperformed other areas in cryptocurrency throughout 2024, with no signs of abating. According to statistics, over 491,000 new tokens have been created on the Solana network as of September 12, 2024.
On October 9, reports indicated that approximately 20,000 new tokens, largely comprising memecoins, were launched on the Solana network within a 24-hour period.
New token creation on Solana. Source: Step Finance.
Additionally, it was reported that the collective market capitalization of Solana-based memecoins exceeded $10 billion, with a 24-hour trading volume around $2.3 billion as of October 12.
Tools like Pump. Fun have greatly contributed to the enthusiasm for memecoins on Solana, thanks to their intuitive interfaces, minimal transaction fees, and ease of access to liquidity on decentralized exchanges such as Raydium.
Earlier this year, industry figure Justin Sun unveiled the SunPump platform on the Tron network as a memecoin creation tool similar to Pump. Fun on Solana. Reports indicate that since its launch in August, around 90,000 memecoins have been created on the SunPump platform.
However, investors should be aware that trading memecoins carries high risks. Industry critics, including investor Mark Cuban, have expressed concerns regarding memecoins, labeling them as potentially fraudulent schemes. Cuban notably remarked that “Every meme coin is a rug pull in the works,” urging caution in the speculative trading of these assets.