As a seasoned analyst with over two decades of experience in the financial markets, I find the recent surge of interest in memecoins among cryptocurrency holders intriguing yet cautionary. The Binance survey results suggest that memecoins have captured the hearts and wallets of many new investors, but it’s essential to remember that these assets are highly speculative with little or no utility.
According to a recent survey carried out by cryptocurrency exchange Binance, holders of digital currencies (cryptocurrency owners) tend to have more meme-based coins in their portfolios compared to Bitcoin.
According to findings from the Binance Global User Survey, published on December 18th, it was discovered that 16% of participants own memecoins, making them the most widely owned cryptocurrency within the surveyed group.
Approximately 14.44% of the over 27,000 surveyed individuals across Asia, Australia, Europe, Africa, and Latin America reported owning Bitcoin (BTC) in their digital wallets, placing it as the second most popular choice in the survey.
According to Binance, the data from the survey indicates that memecoins are currently widely owned and also spark considerable enthusiasm among users regarding their potential future value.
The exchange did not disclose the value of respondents’ holdings. However, data from CoinGecko shows the total market cap for the memecoin market is sitting at $117 billion, with top performer Dogecoin (DOGE) trading at $0.362.
Compared to other values, Bitcoin’s total worth exceeds an impressive $2 trillion, and its price recently reached a record peak of approximately $108,000 per coin, with the current trading value being around $101,000 as of Dec. 17.
AI tokens and memecoins lead 2025 growth predictions
According to a survey on Binance, participants were optimistic about meme coins taking charge in the crypto market by 2025. However, artificial intelligence tokens emerged as the predicted frontrunners, with approximately one out of four respondents believing they will fuel market expansion in the coming year.
19% of respondents expressed confidence that the market value of meme coins might increase by 2025, coming in as the second most favored prediction among those surveyed.
The data from Google searches shows a similar trend. Over the last month, the search interest for “memecoin” reached its highest point on December 5th at 100, and has since dropped to 66 by December 19th.
As a researcher, I’ve observed that the search volume for “Bitcoin” has decreased significantly compared to its peak. On the same day, it was recorded at 50, which is a stark contrast to its previous high of 100 searches.
A study conducted by Binance revealed that about 45% of its respondents entered the cryptocurrency market in the year 2024, while approximately one-third (31%) of them are involved in frequent trading activities.
Meme coins represent highly speculative digital currencies that serve no practical purpose. Certain analysts expressed their views to CryptoMoon in December, suggesting the possibility of a meme coin boom cycle, implying that the market may continue to grow.
In August, crypto leaders participating in a panel at the Futurists conference raised doubts that memecoins might mirror the path of Initial Coin Offerings (ICOs) and Non-Fungible Tokens (NFTs). Both ICOs and NFTs had significant surges followed by steep drops.
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2024-12-19 10:18