As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I have witnessed the rise and fall of countless trends. However, none has been as captivating and enigmatic as the memecoins phenomenon in 2024.
2021 has seen meme coins grabbing the limelight in the cryptocurrency sector, as approximately one-third of investor attention is concentrated on these highly volatile digital assets, according to a report by CoinGecko.
In a December 23rd report, Lim Yu Qian, a research analyst at CoinGecko, noted that among all the crypto narratives in 2024, the memecoin narrative was by far the most widely accepted.
According to a study conducted by Lim, it was discovered that memecoins and their related categories attracted approximately 31% of investors’ attention on CoinGecko’s token categories between January 1st and December 21st.
To put it another way, about one-third of the attention given to cryptocurrencies this year has been centered around more risky, speculative investments rather than their underlying strengths.
This year, memecoins have experienced significant increases as well as decreases, coinciding with a broader crypto market surge that’s boosted Bitcoin (BTC) by 123% since the start of the year. These tokens are known for their high risk, often being associated with scams, and their price fluctuations tend to be brief. However, some experienced traders have managed to earn substantial profits from them.
According to CoinGecko, the main narrative surrounding meme coins accounted for approximately 15% of overall interest, marking a significant increase of over 6 percentage points compared to its position in third place for share of interest in 2023. Furthermore, four other meme coin trends were included among the top 20 most popular crypto narratives.
In terms of discussion and attention, memecoins on the Solana network accounted for approximately 8%, making it the fourth most popular topic. Meanwhile, memecoins on Coinbase’s own blockchain claimed about 2% of the interest, landing in the 11th position.
In other words, meme-based cryptocurrencies related to AI and cats accounted for about 1.5% and 1.2% of people’s attention, respectively. These digital currencies ranked 15th and 16th in popularity.
As an analyst, I’m observing the current landscape of meme coins, and it appears that the market capitalization is hovering around the $113.2 billion mark. Notably, two coins are dominating this space: Dogecoin (DOGE) with a staggering $49.3 billion, and Shiba Inu (SHIB) following closely behind with a respectable $13.8 billion, according to data from CoinGecko.
AI drops from top spot in 2023, but sees more interest
Last year, interest in cryptocurrencies tied to artificial intelligence fell slightly to become the second most popular storyline, previously holding the number one position, while meme coins took over the top spot.
Instead, the engagement with AI tokens witnessed a slight uptick starting from 2023, capturing approximately 13% of total interest, as opposed to around 11% the previous year.
Approximately one out of every six topics concerning artificial intelligence and five related AI themes garnered about 15.5% of the overall attention this year. Specifically, around 1.17% of CoinGecko users expressed an interest in intelligent machines that can independently carry out tasks for a user or another system.
AI agents truly shone during the operation of the “Truth Terminal” account, as it actively endorsed the lesser-known cryptocurrency GOAT. This action significantly boosted the token’s worth, reaching an impressive market capitalization of $1.3 billion.
The AI-focused digital tokens still hold a limited portion of the approximately $44.8 billion AI cryptocurrency market, with Near Protocol (NEAR) and Internet Computer (ICP) dominating the sector’s leadership.
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2024-12-25 07:24