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Bitcoin's global search interest plunged to a one-year low during the week of October 12, 2024, signaling waning enthusiasm. In stark contrast, memecoins have skyrocketed in popularity, capturing a search volume score of 77 out of 100 and dominating the crypto conversation.
Bitcoin Searches Hit Yearly Low as Memecoins Surge
The week saw the lowest volume of Google searches for the term "Bitcoin" in a year. Global interest in the search phrase plummeted to 33 at the end of the week on a scale of 100.
In the meantime, "memecoins" had a search volume of 77 out of 100 during that time, which is still below the all-time high of 100 set in late October 2023.
CryptoQuant CEO Predicts Memecoin Search Rebound
Memecoins continue to have strong market interest, according to CryptoQuant CEO and creator Ki Young Ju, who predicts that search traffic will recapture the previous all-time high by the end of October 2024.
Throughout 2024, memecoins have dominated the cryptocurrency market, and they don't seem to be slowing down anytime soon. As of September 12, 2024, 491,000 additional Solana tokens have been generated on the network, as reported by Step Finance.
Solana Sees Massive Token Growth
Per Cointelegraph, the majority of the approximately 20,000 new tokens created on Solana in the preceding 24 hours were memecoins, according to a report by Solana Floor on October 9th.
According to a report made on October 12 by the Solana-focused news outlet, the cumulative market capitalisation of all Solana memecoins was over $10 billion, and the trading volume for just one hour was almost $2.3 billion.
Pump. Fun Spurs Memecoin Creation on Solana
Websites such as Pump. Fun contributed to the memecoin frenzy on Solana because of the platform's simplified UI, cheap transaction fees, and availability to rapid liquidity on decentralised exchanges such as Raydium, which enable nearly anyone to create new coins.
Tron Joins the Memecoin Craze with SunPump
An industry entrepreneur named Justin Sun launched the SunPump platform earlier in 2024. It's a Tron Network memecoin creation tool, comparable to Solana's Pump. Fun platform. Since SunPump launched in August, 90,000 memecoins have been minted on the network, according to Dune.
