Recent data indicates a significant decline in global search interest for 'Bitcoin' (BTC), which reached a one-year low during the week of October 12, 2024. The Google search volume for the cryptocurrency fell to a mere 33 on a scale of 100, highlighting a stark contrast to the performance of memecoins, which saw a search volume of 77 during the same timeframe.
This only partially recovers from the previous all-time high of 100 in late October 2023. CryptoQuant's CEO and founder, Ki Young Ju, posits that the search volume for memecoins is on track to reclaim its all-time high by the end of October 2024, underpinned by a sustained fervor for these types of digital assets. The performance of memecoins has been particularly remarkable in 2024, establishing itself as the leading sector in the digital asset landscape, showcasing an unstoppable upward trajectory.
As per Step Finance, the Solana (SOL) network has seen the creation of 491,000 new tokens since September 12, 2024. The pace of new token issuance is astonishing, with Solana Floor reporting nearly 20,000 new tokens launched within a mere 24-hour period on October 9. Notably, a large proportion of these new tokens were identified as memecoins.
This robust activity has contributed to a combined market capitalization for memecoins on Solana surpassing $10 billion, coupled with a staggering 24-hour trading volume of approximately $2.3 billion as of October 12. The enthusiasm around memecoins has been further amplified by platforms like Pump.
Fun, which have significantly eased the user experience by offering a streamlined interface, low transaction costs, and rapid liquidity access on decentralized exchanges such as Raydium. This democratizes token issuance, enabling almost anyone to launch new memecoins. In an exciting development earlier this year, industry notable Justin Sun unveiled the SunPump platform—a parallel to Pump.
Fun on the Tron (TRX) network. Dune's analytics reveal that SunPump has been responsible for the creation of 90,000 memecoins since its launch in August. Despite the buzz and potential for profit, trading memecoins is fraught with risk, attracting scrutiny from investors and industry leaders alike.
Mark Cuban, a prominent investor, recently cautioned against the rampant trading of meme assets, asserting that 'Every meme coin is a rug pull in the works.' This sentiment echoes a growing concern among experts regarding the sustainability and safety of investing in such highly speculative assets..