Highlights:
- Google search volume for “Bitcoin” recently hit a 1-year low of 33.
- Memecoins have emerged as the top-performing digital asset sector this year.
- CryptoQuant CEO predicts memecoin search volumes will reach a new all-time high.
Bitcoin started 2024 strong, but its price has mostly disappointed since then. It hasn’t been able to maintain the momentum from spot exchange-traded funds (ETFs). Despite its inconsistent movement, BTC’s price action remains one of the most discussed topics in the cryptocurrency sector this year.
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However, the latest on-chain data shows Google search volume for “Bitcoin” hit a 1-year low during the week of October 12, 2024. Global interest, measured on a scale of 100, fell to 33 by the end of the week. This drop in searches has sparked investor debate on whether it indicates a bullish or bearish outlook for BTC’s price. During the same period, search volume for “memecoins” reached 77 out of 100 but fell short of breaking its previous all-time high of 100, set in late October 2023.
This observation is based on data from Google Trends, which monitors and measures search interest based on specific topics, locations, and time. Usually, a rise in searches for the Bitcoin keyword signals strong interest from retail investors. However, the noticeable decline in interest on Google Trends suggests that retail investors are either leaving or have not yet entered the market in this current cycle.
Memecoins Dominate the Digital Asset Market in 2024
Memecoins have become the top-performing digital asset sector in 2024, with no signs of slowing down. Step Finance reports that 491,000 new tokens have been created on the Solana (SOL) network since September 12, 2024. On October 9, Solana Floor revealed that nearly 20,000 new tokens were launched on Solana within 24 hours, with most being memecoins.
🚨 REPORT: Nearly 20,000 tokens were created on @Solana in the last 24 hours, mostly memecoins, with 70% launched on @pumpdotfun. pic.twitter.com/U5mqB1NsjK
— SolanaFloor (@SolanaFloor) October 9, 2024
The platform also noted that memecoins on Solana had a combined market capitalization of over $10 billion and a 24-hour trading volume of approximately $2.3 billion as of October 12. CryptoQuant CEO and founder Ki Young Ju predicts that memecoin search volumes will reach their previous all-time high by the end of October 2024, driven by sustained market interest in these assets.
Memecoin Google search volume is expected to reach an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Young Ju (@ki_young_ju) October 12, 2024
Platforms like Pump.Fun has driven the memecoin frenzy on Solana, offering a user-friendly interface, low transaction fees, and quick liquidity through decentralized exchanges like Raydium, enabling nearly anyone to create new tokens.
In 2024, industry executive Justin Sun introduced the SunPump platform on the Tron (TRX) network, similar to Pump.Fun on Solana. According to Dune, the SunPump platform has seen the creation of 90,000 memecoins since its launch in August.
“Every Meme Coin is a Rug Pull in the Works,” Says Mark Cuban
Trading memecoins involves significant risk and has faced criticism from investors, industry leaders, and business magnates. Investor Mark Cuban recently joined the Rug Radio podcast to express his thoughts on the crypto industry, including his belief that all memecoins are essentially prolonged rug pulls with no real-world utility. “It’s like playing roulette,” Cuban told his interviewer, describing meme trading as a game of “musical chairs” where all participants are gambling.
Cuban also stated that the memecoin markets are largely based on the Greater Fool Theory. This market hypothesis suggests that investors can buy assets without considering their fundamental value and still sell them at a profit to another investor.
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