The volume of searches on Google for the word “#Bitcoin❗ $BTC
” reached an annual low last week. Google scores search queries on a scale from 0 to 100, depending on the importance of the topic in the total number of queries for all topics. On a scale of 0 to 100, the interest of users from around the world in the first cryptocurrency dropped to 33 points by the end of the week.
At the same time, the volume of search queries for the word “#Memecoins🤑🤑 ” amounted to 77 out of 100 during the same period, but has yet to surpass the previous historical high of 100 points reached at the end of October 2023.
#CryptoQuant CEO and founder Ki Young Ju believes that the number of searches for memcoins will return to the previous all-time high by the end of October 2024, as interest in these digital assets remains extremely high.
Memcoins have exceeded expectations in 2024 and show no signs of beginning to slow down in popularity before the end of the year. Since September 12, 2024, 491,000 new tokens have been created on the Solana$SOL
network.
On Oct. 9, the Solana Floor account reported that nearly 20,000 new #tokens had been launched on Solana in the previous 24 hours, with the majority being memcoins.
The news outlet also noted that by October 12, the total market capitalization of memcoins on Solana exceeded $10 billion, with trading volume of approximately $2.3 billion in 24 hours.
Platforms like Pump.Fun have fueled the hype around memcoins on Solana thanks to a simplified user interface, low transaction fees and access to fast liquidity on decentralized exchanges like Raydium, allowing virtually anyone to issue new tokens.
Earlier in 2024, industry executive Justin Sun announced the launch of SunPump, a memcoin creation platform on the Tron$TRX
network, similar to the Pump.Fun platform on Solana. According to Dune, 90,000 memcoins have been created on the SunPump platform since its launch in August.
Memcoins have been repeatedly criticized by investors, industry executives and business tycoons. Investor Mark Cuban recently stated that he believes “every memcoin is a prepared fraud” and warned the public against trading these highly speculative assets. The rapid growth of new tokens on various blockchain platforms may indicate growing interest, but it also increases the likelihood of questionable projects.
