Author: David C, Bankless; Translated by: Wu Zhu, Jinse Finance
Perhaps not surprisingly, as we reflect on the year, one category of tokens has outperformed all others—memecoins.
Initially, memecoins shone brightly in 2024 due to growing criticism and disappointment over token launches entering the market at high fully diluted valuations. Many traders leaned towards memecoins due to their simpler narratives, (often) reduced insider allocations, and low transaction costs, making them a core pillar of cryptocurrency growth in 2024.
Let’s take a look at how memecoins maintain this momentum, explore the roles of Solana and Pump.fun in accelerating their growth, discuss their evolution and impact on token value, and analyze their influence on AI agents in this ever-evolving environment.
Solana's Meme Pump
In addition to being positioned as the year of Memes, 2024 may also be remembered as the year Solana solidified its status in the space.
The rise of Solana and the popularity of memecoins are closely linked trends, with Solana becoming a major hub for memecoin activity due to low costs, fast transaction speeds, and exceptional meme infrastructure in the form of Pump.fun.
Pump.fun launched in January 2024, shaking the entire space by allowing anyone to create and trade new tokens at minimal cost or for free. Since then, nearly 5 million tokens have been issued, successfully driving a surge in trading volume on Solana-based decentralized exchanges, leading to capital inflows that stimulated activity across the entire chain while also solidifying Solana's de facto core position in this cycle of speculation.
Transforming token deployment into a fast, user-friendly no-code operation has facilitated the rapid creation of memecoins, regardless of their transient cultural relevance.
The New Meme Trend
In 2024, we saw celebrity memecoins kick off in extraordinary fashion. Since Caitlyn Jenner abandoned her token, we've seen a surge of interest in the rapid wealth growth of memecoins, paving the way for a wave of celebrity-backed 'limited access' projects.
We’ve also seen pop culture references quickly transform into new tokens, with memecoins themed around everyone’s favorite hippo (MOODENG) or the slain squirrel (PNUT) skyrocketing to billions in market capitalization—embodying the long-held argument in cryptocurrency that 'everything will be tokenized.'
It turns out that Solana's speed and scale of releases have proven to be very profitable, helping it surpass Ethereum on several fundamental metrics (such as daily decentralized trading volume, active users, and even revenue during certain periods). While Ethereum also saw blue-chip memes gain huge premiums, degen activity has mostly settled on Solana.
Critics argue that there are many reasons to question the durability of these new trends, as opaque memecoin conspiracy networks and the deep concentration of many memecoin assets seem to provide a challenging playground for bad actors.
However, despite the prevalence of scams, poorly executed releases, and on-chain crime, the free-flowing nature of the Solana token environment continues to attract participants seeking fast-paced opportunities. By year-end, Pump.fun accounted for the majority of on-chain transactions in the Solana ecosystem, making it a decisive force reshaping the network around meme and 'crypto-nativity' identities.
What Memecoins are showing us
While many memecoins can quickly disappear, those that successfully form strong, engaged communities prompt deeper analysis of the broader 'Memecoin Supercycle'.
This phrase, promoted by Murad, emphasizes how memecoins compel us to rethink how token value arises from shared identities and how it evolves. Unlike 'tech alternatives' that rely on staking or complex governance to participate, memecoins leverage core social behaviors of the internet, such as creating, sharing, and enjoying memes, using these methods to sustain idea sharing and form communities.
If these tokens can form a unique, clear, and entertaining sense of identity, they can offer powerful price appreciation as users become part of the Meme. Additionally, by starting with tokens that have no commitments or expectations of 'real utility', these tokens and their holders can establish their foundations, gradually launching grassroots products tied to the tokens. Examples of emerging developments within the Meme community include BONK with Bonkbot and bonkSOL, or MOTHER integrating with Motherland.
This model provides a new avenue for product-market fit in the cryptocurrency space, starting with forming a strong identity and sense of community, rather than premature technology, defining a clear user base in the process, and then building products to serve that community.
AI agent tokens have expanded their ambitions
In recent months, AI agent memes have entered the public eye, showcasing how tokens can evolve from a simple meme into a token with meaningful fundamentals.
This trend began with GOAT, a token adopted autonomously by Twitter's Terminal of Truths, with its rapid price increase indicating the opportunities brought by the fusion of AI agents and memecoins.
Since then, other agents and their corresponding tokens have been launched, gaining attention through various new features before adding more substantive functionalities or use cases. For example, FXN, ZEREBRO, and AI16Z have all announced plans to launch AI infrastructure using their tokens, which have been fairly launched, as is standard for memes. This model echoes the broader memecoin approach—first gathering a community to attract target users, then adding products or revenue streams that drive utility.
The Year of Meme Harvest
As the year comes to a close, Memecoins have clearly demonstrated their impact on the direction of cryptocurrency.
Solana’s low fees and rapid throughput, supported by Pump.fun, have fostered a highly active launch environment where Memes thrive and occasionally evolve into lasting communities. The success of these Memecoins, in turn, highlights a new approach to product-market fit: first establishing identity, then adding functionality for a user base that already trusts the project. AI agent tokens are now built on this model, indicating that even highly experimental technologies can benefit from a lean, meme-driven foundation.
Looking ahead, it’s clear that nurturing active communities, rather than promising immediate technical utility in predatory token economics, is becoming a powerful way to drive adoption and sustain cryptocurrency growth. By combining strong social identities with targeted development, these meme-driven ecosystems provide a new pathway to genuine product-market fit—this model, if it can withstand transitory speculation, could ultimately shape a more user-centered future for digital assets.
