The meme coins reportedly emerged as popular in the cryptocurrency market in 2024, accounting for around 30% of investors’ interest in those asset types, as per a report published by a crypto news source. Analyzing the traffic data, it was distinguished that the focus was shifted to meme coins starting from January 1st till December 21st, where meme coins represented roughly 31% of all interest towards the sector.
“Bit seems to agree with this statement as the most popular crypto narrative in 2024 was by far the meme coin narrative”, according to Lim Yu Qian of Crypto Media. Lim’s examination is rooted in site traffic to the peculiar token types of the platform, which reveals a high demand from investors for these extraordinary assets.
The speculative sentiment that has boosted the crypto market has come alive following Bitcoin’s growth of 123% YTD. However, as we know, Memecoin is very sensitive to price movements and is criticised for having no real value and irrelevant fundamental metrics. Still, the environment is rather dangerous as far as scams and short-term fluctuation schemes are concerned.
Solana-Based Memecoins Are the Trend
In the rubrics, the main focus was on Solana meme coins, which received almost 8% of the investors’ attention. The report further identified Solana meme coins as the fourth most popular Crypto narrative of the year, much to the chagrin of traders and investors.
Another point to note is Coinbase’s blockchain Base; the company’s meme coins claimed over 2% of total market shares and ranked 11th among crypto stories. This speaks of a rising demand for blockchain ecosystems other than conventional blockchain hosts like Ethereum.
Altogether, five meme coin phenomena entered the top 20 crypto narratives of crypto sources: cat-themed meme coins and AI-based meme coins – all of them took relatively smaller yet quite significant shares, 1.5% and 1.2% correspondingly.
The memecoin total market capitalization is at $113.2 billion now, with DOGE as a market leader ($49.3 billion) and SHIB ($13.8 billion), per CoinGecko.
AI Tokens Lose the Top Spot
AI tokens, which were the main fascination of investors in 2023, gave way this year to meme coins. In particular, there was a slight increase in the interest to mainstream AI tokens to 13% of the traffic in 2024 from 11.2% in the previous year.
Overall, the interest share of AI narratives came to about 15.5%. Of these applications, AI agents or intelligent assistants that self-act on behalf of the users received increasing focus. A 2020 survey by a business intelligence platform, Crypto News, revealed that 1.17% of website visitors engaged in viewing AI agent tokens in 2024 due to use in cryptocurrency trading and advertising.
One such instance was ‘Truth Terminal’ an AI algorithm that was promoting memecoin GOAT resulting in gains of $1.3 billion. Today, AI agent tokens make up only a fraction of the current $44.8 billion AI crypto market, but they grow every day.
A Note on Speculative Trends
As for meme tokens and AI-based tokens, they gain a lot of attention from investors, however experts advise not to focus too much on the speculative assets. According to Lim Yu Qian, meme coin trends are centred towards high-risk, high-reward trading that undermines many fundamentally sound projects.
“In other words, almost a third of crypto narrative interest this year was focused on more speculative opportunities, ” Lim wrote in her report.
While adopting cryptographic technology, it will be a continuous effort for an investor to strike a balance between traditional speculation and future business activities.
Conclusion
The data provided in the 2024 report of CoinGecko shows another interesting change relating to the investors: in the previous year, low-risk meme coins stood out for their high-profit opportunities. Solana-based and Coinbase’s Base meme coins dominated the story, but the hike in AI tokens also underscored the potential within the space.
That said, traders are encouraged to act wisely, especially in the areas of high risks; this should be blended with stronger fundamental investments. It will be quite entertaining to see meme coins position in the narrative-as-a-protagonist paradigm as we progress towards 2025. Keep following The Bit Journal for the latest updates on crypto trends and updates.
FAQs
1. Q: What are meme coins?
A: The New Generation is another category of cryptocurrency which generally does not have real value and comes into existence based on social media trends, memes and hype.
2. Q: Which memecoin dominated in 2024?
A: Dogecoin (DOGE) and Shiba (SHIB) dominated the chart, followed by other Solana-based and Coinbase’s Base meme coins.
3. Q: But why are memecoins considered risky?
A: Cryptocurrencies derived from meme culture are very deliberative, many of them do not have practical uses, and can easily be fraudulent or pump and dump schemes.
4. Q: What was the function of the AI tokens at the end of 2024?
A: Tokens tied to AI were the second most popular investment category, with 13% of the market share, and the area of AI agents was of considerable importance.
5. Q: What is the current total market Cap?
A: This includes a total market cap of $113.2 billion for meme coins as per the data available with CoinGecko.
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