Bitcoin Falls Out of Favor, Memecoins Rise on Google Search

Bitcoin searches have sharply declined to the lowest level this year, while memecoins continue to assert their 'appeal'.

Bitcoin Falls Out Of Favor, Memecoins Rise On Google Search

According to data from Google Trends, interest in Bitcoin on the search engine has hit a yearly low. Specifically, the search index reached only 33/100 points during the week of October 7-12, 2024, marking the lowest level since its peak of 100 points in May 2021. Google Trends measures the popularity of search terms, with 100 points representing the highest interest level.

Interest over time about Bitcoin
Interest over time about Bitcoin

A similar trend was observed in the United States, where Bitcoin’s search index reached just 16 points last week—the lowest since it hit 13 points on October 14, 2023. Notably, interest in Bitcoin peaked in March when the cryptocurrency’s price approached a record $73,777. At that time, Bitcoin ETFs in the U.S. also saw daily trading volumes nearing $10 billion.

One possible explanation for this decline is the current global environment. In recent months, Bitcoin has seen little significant price movement or attention-grabbing media events, unlike previous rallies. This has led investors to seek riskier but potentially higher-yield investments.

While global searches for “Ethereum” and “crypto” are also at low levels, some other industry terms have seen more positive trends. Most notably, “Solana” has outperformed both Bitcoin and Ethereum in search interest for several months. Solana’s search interest peaked in May, even surpassing its high from September 2021. Though it has since fallen to 31 points, this figure is still double that of last year’s 15 points.

Interestingly, “hot” segments like “memecoin,” despite cooling off after their search peak in March, have recently surged back to 65 points, continuing to affirm the appeal of the “memecoin wave.”

Interest over time about memecoin
Interest over time about memecoin

Related: Vitalik Buterin Sells Memecoin NEIRO to Acquire ETH

In 2024, memecoins have outperformed all other asset classes in the cryptocurrency market and show no signs of slowing down. According to data from Step Finance, as of September 12, 2024, a staggering 491,000 new tokens have been created on the Solana network.

At the beginning of 2024, Justin Sun also launched the SunPump platform on the Tron network, with functions similar to Pump.Fun. Since its launch in August, 90,000 memecoins have been created on SunPump.

Currently, the market share of memecoins, according to CoinMarketCap, has surpassed $50 billion, about $15 billion short of its previous peak in March

2024.

Market Cap Memecoin
Market Cap Memecoin

0.0/5

Love

Latest

Trade To Earn 300,000 Usd On Bingx

Airdrops | Editor Choice

Trade to Earn 300,000 USD on BingX

Join Trade to Earn on BingX to share in rewards of up to 300,000 USD!

Cz Considers Creating A Memecoin On Bnb Chain Inspired By Me

News | Editor Choice

CZ Considers Creating a Memecoin on BNB Chain

In response on X, former Binance CEO CZ is considering creating a memecoin inspired by his pet dog, which immediately sparked excitement in the community.

Azcnews Breaking Trump Appoints Former Bitfury Executive To Lead U.s. Banking Regulator

News | Editor Choice | Policy & Regulations

Trump Appoints Former Bitfury Executive to Lead U.S. Banking Regulator

Donald Trump nominates former Bitfury executive Jonathan Gould to lead the OCC, signaling a potential shift in banking regulation with a crypto-savvy leader.

Earn 30 Ip (over 100 Usd) On Bybit For New Users

News | Editor Choice

Earn 30 IP (over 100 USD) on Bybit for New Users

Join to Receive 30 IP (Valued at Over 100 USD) for New Users on the Bybit Exchange.

Azcnews Breaking Bitcoin’s Rebound Sparks A Broader Market Recovery

News | Bitcoin | Editor Choice

Bitcoin’s Rebound Sparks a Broader Market Recovery

Bitcoin and the crypto market have rebounded following the release of a U.S. macroeconomic report.