Meme Coins Are the Best-Performing Crypto Assets in 2024, Crypto Analytics Firms Say

Crypto analytics company CryptoQuant has reported that the search volume for ‘Bitcoin’ on Google hit a yearly low on Saturday.

Interest in meme coins has outpaced that in Bitcoin, with searches for the former reaching 78 out of 100 on Saturday.

Meanwhile, searches for ‘Bitcoin’ hit a yearly low of 33 out of 100 on Google.

According to CryptoQuant, a crypto analytics company, meme coin searches have surged since the start of the year. However, the volume is yet to reach the all-time high of 94 recorded last October.

Despite the rising interest in meme coins, billionaire Mark Cuban recently warned his followers against investing in these tokens, calling them “rug pulls in the works.”

On the other hand, interest in Bitcoin has waned throughout 2024. Starting the year at 48, the search volume has steadily declined, reaching a yearly low on Saturday.

This trend aligns with the broader disinterest in cryptocurrencies observed throughout the year. After the FTX collapse early on, investor interest has shifted away from digital assets.

However, meme coins have managed to capture the attention of investors, especially those interested in highly volatile crypto assets.

According to Step Finance, meme coins have been the best-performing cryptocurrencies in 2024, a trend that is expected to continue in the upcoming months.

The company adds that Solana is the blockchain that has played host to the most meme coins.

Creators launched over 490,000 meme coins on the blockchain in September. Moreover, Step Finance reveals that 19,076 meme coins were minted on Solana last Thursday alone.

Solana-based meme coins have a combined market cap of $10.2 billion and a daily trading volume of $2.4 billion at the time of writing, according to data from step.finance.

PumpFun, a platform for creating tokens, is largely to thank for the Solana meme coin craze.

Creators can use the platform to launch tokens at a small cost ($2) without needing to provide initial liquidity. As a result, anyone can mint new meme coins.

Solana is joined by Tron in riding the meme coin wave following the introduction of the SunPump protocol.

The protocol operates similarly to PumpFun, and data from Dune shows that creators on Tron have launched over 95,000 meme coins since SunPump's launch in August.

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