Google search volumes for "Bitcoin" have just reached a one-year low while interest in memecoins continues to soar.
Google search volumes for "Bitcoin" have just reached a one-year low while interest in memecoins continues to soar. This new-found investor interest is taking shape as the new form of the digital asset market, raising eyebrows across the financial sector.
During the week of Oct. 12, global searches for "Bitcoin" reached an ultra-low 33 out of 100 on Google's scale. Meanwhile, the search volume for "memecoins" was 77 out of 100. Memecoins have not regained their previous high of 100 at the end of October 2023, but most industry analysts believe that memecoins will relive those former glory days.
The memecoin phenomenon is sweeping through the crypto world, with popular creations currently happening on the Solana network. An astonishing 491,000 new tokens have been created on Solana since Sept. 12 this year, according to Step Finance. Solana Floor reported that almost 20,000 new tokens launched in one 24-hour period on Oct. 9, the majority of which were memecoins.
News sites focused on Solana reported that memecoins on the network collectively had a market capitalization of over $10 billion, with a total 24-hour trading volume of around $2.3 billion as of Oct. 12.
Platforms like Pump.fun have catalyzed Solana by making user-friendly interfaces with low transaction fees and fast access to liquidity via decentralized exchanges such as Raydium. This has democratized token creation to the extent that virtually anyone can create and issue new digital assets.
Solana is not alone in memecoin trends. In August 2024, Tron founder Justin Sun announced the launch of a similar platform on the Tron network called SunPump. According to data from Dune, 90,000 memecoins have been created on SunPump since its creation.
However, investor Mark Cuban recently warned that every meme coin is a rug pull in the works, cautioning people against trading these highly speculative assets.
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