As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I’ve seen trends come and go. However, the recent surge in interest for memecoins has left me both intrigued and slightly bewildered.
During the week of October 12, 2024, global searches for “Bitcoin” (BTC) hit their lowest point in a year. By the week’s end, the search volume had plummeted to only 33 out of a possible 100, demonstrating a significant drop in worldwide curiosity about the term.
During that timeframe, the interest in “memecoins” was quite high, peaking at 77 out of 100, but it hasn’t surpassed its previous peak of 100, which was achieved in late October 2023.
According to CryptoQuant CEO and founder Ki Young Ju, it’s expected that the search volume for memecoins could reach their old peak by the end of October 2024, given the persistent market enthusiasm for these digital assets.
Memecoins become the highest-performing digital asset sector in 2024
2024 saw meme coins leading all other crypto categories in performance, and there’s no indication that this trend will decelerate for the remainder of the year. As per Step Finance, a staggering 491,000 new tokens have been minted on the Solana (SOL) network since September 12, 2024.
24 hours prior, as per Solana Floor’s report dated Oct. 9, approximately 20,000 fresh tokens were introduced onto the Solana network, with a majority of these newly-minted tokens being associated with meme-themed coins.
In a recent article published by the news platform centered around Solana, it was disclosed that the collective market value of memecoins on the Solana network surpassed $10 billion, and within the past day, trading volume for these coins amounted to approximately $2.3 billion.
As a researcher, I’ve observed that platforms such as Pump have significantly contributed to the memecoin frenzy within the Solana ecosystem. This is primarily due to their user-friendly interface, minimal transaction costs, and seamless access to rapid liquidity on exchanges like Raydium, enabling a broad array of individuals to easily mint new tokens.
2024 saw industry leader Justin Sun unveiling the debut of SunPump – a meme coin creation platform within the Tron (TRX) blockchain, akin to the Pump.fun on Solana. As per Dune’s data, since its launch in August, over 90,000 meme coins have been generated on the SunPump platform.
Investing in meme coins comes with significant risk and has received negative feedback from investors, professionals within the industry, and influential business figures. Notably, investor Mark Cuban recently expressed his view that “Every meme coin is a potential scam,” urging caution when considering these highly speculative assets.
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2024-10-14 01:06