- • Google search volume for “Bitcoin” has reached 1-year lows, while search interest in memecoins continues to grow and could soon reclaim all-time highs.
- • Memecoins have outperformed all other sectors in the crypto space during 2024, with nearly 500,000 new tokens created on the Solana network since September 12, 2024.
- • Platforms like Pump Fun on Solana and SunPump on Tron have fueled the memecoin craze by allowing anyone to easily issue new tokens, though trading memecoins carries substantial risk.
Bitcoin search volume has reached a yearly low, while interest in memecoins is surging to new heights. This shift highlights how investor focus is moving away from Bitcoin and towards more speculative assets in the crypto space.
Bitcoin Search Volume Drops
Google search volumes for the term “Bitcoin” dropped to 1-year lows during the week of October 12, 2024. On a scale of 100 for worldwide interest, searches for “Bitcoin” fell to just 33 by the end of the week.
Memecoin Searches Approach All-Time High
Meanwhile, search volume for memecoins reached 77 out of 100 during the same period. While this has not yet exceeded the previous all-time high of 100 from late October 2023, experts predict memecoin searches will hit new records by the end of this month as interest remains strong.
Memecoins Dominate Crypto in 2024
Memecoins have massively outperformed all other crypto sectors in 2024, showing no signs of slowing down. Data shows nearly 500,000 new memecoin tokens created on Solana since September, and 20,000 new memecoins launched in a single day earlier this month.
Memecoin platforms like Pump Fun on Solana have made it easy for anyone to create new tokens, fueling the surge. Tron also launched its own memecoin creator SunPump in 2024, resulting in 90,000 new memecoins so far.
Trading memecoins is highly risky, however, and has faced backlash from many cryptocurrency experts warning investors of potential scams and rug pulls.
Conclusion
The declining interest in Bitcoin versus the exploding hype around memecoins exemplifies a broader trend of investors chasing short-term speculative gains over long-term value. While memecoins present potential rewards, their risks may outweigh their rewards for most prudent crypto investors.
