Bitcoin Search Volumes Hit 1-Year Low As Memecoins Surge

According to Cointelegraph, Google search volumes for the term 'Bitcoin' (BTC) reached a 1-year low during the week of October 12, 2024. On a scale of 100, global interest in the search term dropped to 33 by the end of the week. In contrast, the search volume for 'memecoins' was 77 out of 100 during the same period, though it has not surpassed the previous all-time high of 100 reached in late October 2023. CryptoQuant CEO and founder Ki Young Ju believes that the search volume for memecoins will reclaim the previous all-time high by the end of October 2024, as market interest in these digital assets remains high. Memecoins have emerged as the highest-performing digital asset sector in 2024, showing no signs of slowing down. According to Step Finance, 491,000 new tokens have been created on the Solana (SOL) network since September 12, 2024. On October 9, Solana Floor reported that nearly 20,000 new tokens were launched on Solana in the previous 24 hours, with most of these new token mints being memecoins. The Solana-focused news outlet also revealed that memecoins on Solana had a combined market capitalization exceeding $10 billion and a 24-hour trading volume of roughly $2.3 billion as of October 12. Platforms like Pump. Fun have fueled the memecoin craze on Solana due to a streamlined user interface, low transaction fees, and access to quick liquidity on decentralized exchanges like Raydium, allowing almost anyone to issue new tokens. Earlier in 2024, industry executive Justin Sun announced the launch of the SunPump platform, a memecoin creation platform on the Tron (TRX) network similar to Pump. Fun on Solana. According to Dune, 90,000 memecoins have been created on the SunPump platform since its inception in August. Trading memecoins carries substantial risk and has drawn criticism from investors, industry executives, and business magnates. Investor Mark Cuban recently stated that he believes 'Every meme coin is a rug pull in the works,' cautioning the public against trading these highly speculative assets.