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Recently, an interesting change is occurring in the cryptocurrency market; while Bitcoin searches are declining, meme cryptocurrencies are reaching new heights. This year, meme cryptocurrencies, especially on the Solana and Tron Blockchain networks, have seen significant growth and have become the new darlings of the market. This situation is also reflected in Google searches.
Cryptocurrency Balances are Changing in Google Searches: A Meme Cryptocurrency Explosion is Happening
According to recent data, an interesting change is taking place in the cryptocurrency market. In the week of October 12, 2024, Google searches for "Bitcoin" fell to their lowest level in the past year. Global interest in this term has dropped to just 33 out of 100.
In contrast, a significant increase in searches for "memecoin" was observed during the same period. The search volume for this term reached 77 out of 100. Although this figure does not surpass the peak of 100 recorded at the end of October last year, Ki Young Ju, CEO and founder of CryptoQuant, predicts that the search volume for meme cryptocurrencies could break records by the end of the month.
The meme cryptocurrencies that have performed best in the crypto sector in 2024 seem unlikely to slow down for the remainder of the year. According to a report by Step Finance, since September 12, 2024, 491,000 new tokens have been created on the Solana network alone. On October 9, the Solana Floor platform announced that approximately 20,000 new tokens were launched on Solana in the last 24 hours. The vast majority of these tokens fall under the meme cryptocurrency category.
Another Solana-focused source announced on October 12 that the total market value of meme cryptocurrencies on the Solana Blockchain network has exceeded $10 billion, with a daily trading volume of approximately $2.3 billion.
Platforms like Pump and Fun are triggering the meme cryptocurrency frenzy on Solana with their user-friendly interfaces, low transaction fees, and the ability to provide quick liquidity on decentralized exchanges like Raydium. These platforms allow almost anyone to easily create new tokens.
At the beginning of 2024, one of the leading figures in the industry, Justin Sun, launched SunPump, an initiative similar to the Fun platform on Solana, on the Tron Blockchain network. According to data provided by Dune, 90,000 meme cryptocurrencies have been produced since the platform's launch in August.
Finally, meme cryptocurrency trading is under both positive and negative scrutiny due to its high risk. Famous investor Mark Cuban recently stated, "Every meme cryptocurrency is a time bomb," emphasizing that investors should be cautious in this regard.
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