Author: David C, Bankless; Translated by: Wu Zhu, Golden Finance
Perhaps not surprisingly, as we look back over the year, there is one category of tokens that has outperformed all others—memecoins.
Initially, memecoins exploded in 2024 due to growing criticism and disappointment over token issuances entering the market with high fully diluted valuations. Due to their simpler narratives, (often) reduced insider allocations, and low transaction fees, many traders gravitated towards memecoins, making them a core pillar of cryptocurrency growth in 2024.
Let's take a look at how memecoins maintain this momentum, exploring the roles of Solana and Pump.fun in accelerating their growth, discussing their evolution and impact on token value, and analyzing their influence on AI agents in this evolving environment.
Meme Pump of Solana
In addition to being positioned as the year of Memes, 2024 may also be remembered as the year Solana solidified its position in the field.
The rise of Solana and the popularity of memecoins are closely linked trends. Due to low costs, fast transaction speeds, and the excellent meme infrastructure provided by Pump.fun, Solana has become a major hub for memecoin activity.
Pump.fun was launched in January 2024, shaking the entire space by allowing anyone to create and trade new tokens at low 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 influx, stimulating activity across the chain, while also consolidating Solana's de facto core position in speculative cycles this time around.
Transforming token deployment into a fast, user-friendly no-code operation has facilitated the rapid creation of memecoins, regardless of how fleeting their cultural relevance might be.
New Meme Trends
In 2024, we saw celebrity memecoins kick off in extraordinary ways. Since Caitlyn Jenner abandoned her token, we've seen a surge of interest in the rapid growth of wealth from memecoins, paving the way for a wave of celebrity-backed 'members-only' projects.
We have also seen pop culture references quickly transform into new tokens, with memecoins themed around everyone's favorite hippopotamus (MOODENG) or the slain squirrel (PNUT) skyrocketing to valuations in the billions—embodying the long-standing argument in cryptocurrency that 'everything will be tokenized.'
It has proven that Solana's speed and scale of launches are highly profitable, helping it surpass Ethereum across a range of fundamental metrics, such as daily decentralized trading volume, active users, and even revenue during certain periods. While Ethereum has also seen blue-chip memes achieve significant premiums, and degen activity sparked on Base, most degens have settled on Solana.
Critics argue there are many reasons to question the sustainability of these new trends; the opaque memecoin conspiracy networks and the deep concentration of many memecoin assets seem to provide a difficult environment for bad actors to navigate.
However, despite the prevalence of fraud, poorly executed launches, and on-chain crime, the free-flowing nature of the Solana token environment continues to attract participants seeking fast-paced opportunities. By the year's end, Pump.fun accounted for the majority of on-chain transactions in the Solana ecosystem, making it a decisive force in reshaping the network around meme and 'crypto nativity' identity.
What Memecoins Show Us
While many memecoins can quickly fade away, those that successfully form strong, engaged communities have prompted deeper analyses of the broader 'Memecoin Supercycle.'
This phrase, promoted by Murad, emphasizes how memecoins invite us to rethink how token value emerges from a shared identity and how it evolves. Unlike 'technical substitutes' that rely on staking or complex governance to participate, memecoins leverage core social behaviors of the internet, such as creating, sharing, and enjoying memes, and use these methods to sustain thought-sharing and form communities.
If these tokens can form a unique, clear, and interesting identity, they can provide strong price appreciation as users become part of the Meme. Additionally, starting from tokens with no 'real utility' commitments or expectations, these tokens and their holders can build their own foundations and gradually roll out grassroots products tied to the tokens. There are emerging examples in the Meme community, whether it's BONK with Bonkbot and bonkSOL or MOTHER with the integration of Motherland.
This model provides a new pathway for product-market fit in the cryptocurrency space, starting with building a strong identity and sense of social belonging rather than upfront technology, defining a clear user group in the process, and then building products to serve that community.
AI agent tokens expand ambitions
In recent months, AI agent memes have entered the public eye, showcasing how tokens can evolve from a simple meme to one with meaningful fundamentals.
This trend started with GOAT, a token autonomously adopted by the Twitter agent Terminal of Truths, whose rapid price increase indicates the opportunities arising from the intersection of AI agents and memecoins.
Since then, other agents and their corresponding tokens have also been launched, gaining attention through different new features and then adding more substantive functions or use cases. For instance, FXN, ZEREBRO, and AI16Z have all announced plans to launch AI infrastructure using their tokens, which have been fairly launched, a standard in the meme space. This model echoes a broader memecoin approach—first gathering a community, attracting target users, and then adding products or revenue streams that drive utility.
A Year of Meme Abundance
As the year comes to a close, Meme coins have clearly demonstrated their impact on the direction of cryptocurrency.
Solana's low fees and fast 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 building identity, then adding features for a user base that has already trusted the project. AI agent tokens are now built upon this model, indicating that even highly experimental technologies can benefit from a lean, meme-driven foundation.
Looking ahead, it is clear that cultivating active communities, rather than promising immediate technological utility in predatory token economics, is becoming a powerful way to foster adoption and sustain cryptocurrency growth. By combining strong social identities with targeted development, these meme-driven ecosystems provide a new pathway for true product-market fit—this model, if it can withstand transient speculation, could ultimately shape a more user-centered future for digital assets.
