Bitcoin Search Volume Falls to Yearly Low While Memecoin Searches Surge

Memecoins saw double-digit gains in September 2024, largely fueled by the launch of new tokens on the Solana and Tron networks.

Source: gazeteoksijen.com

During the week of October 12, 2024, Google search volumes for the term Bitcoin fell to a one-year low, indicating a significant decline in global interest. By the end of the week, search interest dropped to just 33 out of 100 on the search volume scale. This decline suggests that market sentiment around Bitcoin may be wavering, reflecting broader trends in the cryptocurrency landscape.

Conversely, the search volume for memecoins demonstrated a notable surge, reaching 77 out of 100 during the same period. This level of interest highlights the growing fascination with these digital assets, though it still falls short of the all-time high of 100 achieved in late October 2023. The persistent interest in memecoins indicates that investors and enthusiasts are still actively exploring opportunities in this segment of the crypto market.

CEO and founder Ki Young Ju has weighed in on the situation, expressing optimism about the future of memecoins. He believes that search volumes for these tokens are likely to reclaim their previous all-time high by the end of October 2024. His confidence stems from the sustained enthusiasm and engagement from the market, suggesting that the appetite for memecoins remains strong despite fluctuations in interest for more established cryptocurrencies like Bitcoin. As market dynamics continue to evolve, it will be interesting to observe how these trends play out in the coming weeks.

Memecoins Emerge As The Top Performing Digital Asset Sector In 2024

Memecoins have emerged as the best performing sector in the cryptocurrency space throughout 2024, showing no signs of slowing down as the year progresses. According to Step Finance, an impressive 491,000 new tokens have been created on the Solana network since September 12, 2024.

On October 9, Solana Floor reported that nearly 20,000 new tokens were launched on the Solana platform in just the previous 24 hours, with the majority being memecoins. This Solana focused news outlet also highlighted that memecoins on the network now boast a combined market capitalization exceeding $10 billion, along with a 24 hour trading volume of around $2.3 billion as of October 12. The memecoin frenzy on Solana has been propelled by user-friendly platforms like Pump. Fun, which offers a streamlined interface, low transaction fees, and quick liquidity on decentralized exchanges like Raydium, making it easy for nearly anyone to create new tokens.

Earlier in 2024, industry figure Justin Sun announced the launch of the SunPump platform, a memecoin creation platform on the Tron network, mirroring the functionality of Pump. Fun on Solana. According to Dune analytics, approximately 90,000 memecoins have been created on SunPump since its launch in August. However, trading memecoins carries significant risks and has faced criticism from various quarters, including investors, industry executives, and business leaders. Notably, investor Mark Cuban recently expressed skepticism, stating, Every memecoin is a rug pulled in the works, and urged caution among those considering trading these highly speculative assets.

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