Bitcoin Holds at $62,700 as Search Volume Hits Rock Bottom

Memecoin is leading the search volume

According to data for the week of October 12, 2024, global interest in the keyword, on a scale of 100, reached only 33 at the end of the week. At the same time, searches for the keyword “memecoin” reached 77 out of 100, but still failed to reach the previous record of 100, set in late October 2023.

However, Ki Young Ju, CEO and founder of CryptoQuant, believes that memecoin search volume will reach an all-time high by the end of October 2024, as market interest in the digital asset remains high.

Memecoin has been the top performer in the digital asset space in 2024. The token has outperformed all other sectors in the crypto market and looks set to continue its momentum for the rest of the year. According to a report from Step Finance, as of September 12, 2024, 491,000 new tokens were created on the Solana network.

On October 9, Solana Floor reported that in the previous 24 hours, nearly 20,000 new tokens were launched on the Solana network, the majority of which were memecoins. The news site also revealed that the total market capitalization of memecoins on Solana has surpassed $10 billion, with a 24-hour trading volume of around $2.3 billion, as of October 12.

Platforms like Pump.Fun have contributed to the memecoin craze on Solana thanks to their user-friendly interface, low transaction fees, and quick liquidity on decentralized exchanges like Raydium, allowing virtually anyone to issue new tokens.

In early 2024, crypto industry executive Justin Sun introduced the SunPump platform, a memecoin generator on the Tron network, similar to Pump.Fun on Solana. According to data from Dune, around 90,000 memecoins have been created on the SunPump platform since its launch in August.

However, trading memecoins carries significant risks and has received criticism from many prominent investors, executives, and entrepreneurs. Investor Mark Cuban recently stated that he believes “every memecoin is a scam” and advised the public to stay away from these highly speculative assets.