Bitcoin Falls Out of Favor, Memecoins Rise on Google Search.
Bitcoin searches have sharply declined to the lowest level this year, while memecoins continue to assert their 'appeal'.
According to data from Google Trends, interest in Bitcoin on the search engine has hit a yearly low. Specifically, the search index reached only 33/100 points during the week of October 7-12, 2024, marking the lowest level since its peak of 100 points in May 2021. Google Trends measures the popularity of search terms, with 100 points representing the highest interest level.
A similar trend was observed in the United States, where Bitcoin's search index reached just 16 points last week-the lowest since it hit 13 points on October 14, 2023. Notably, interest in Bitcoin peaked in March when the cryptocurrency's price approached a record $73,777. At that time, Bitcoin ETFs in the U.S. also saw daily trading volumes nearing $10 billion.
One possible explanation for this decline is the current global environment. In recent months, Bitcoin has seen little significant price movement or attention-grabbing media events, unlike previous rallies.
While global searches for "Ethereumâ and "crypto" are also at low levels, some other industry terms have seen more positive trends. Most notably, "Solana" has outperformed both Bitcoin and Ethereum in search interest for several months. Solana's search interest peaked in May, even surpassing its high from September 2021. Though it has since fallen to 31 points, this figure is still double that of last year's 15 points.
Interestingly, "hot" segments like "memecoin," despite cooling off after their search peak in March, have recently surged back to 65 points, continuing to affirm the appeal of the "memecoin wave."
In 2024, memecoins have outperformed all other asset classes in the cryptocurrency market and show no signs of slowing down. According to data from Step Finance, as of September 12, 2024, a staggering 491,000 new tokens have been created on the Solana network.
