Nearly 30% of crypto trends focused on meme coins in 2024, survey shows

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As a seasoned researcher who has navigated the volatile and dynamic world of cryptocurrencies since their inception, I must say that 2024’s meme coin craze is an interesting development. The sheer volume of interest in these tokens, which often seem to be more about humor and community than underlying technology, has been striking.

2024 witnessed a significant rise in popularity for meme coins, as approximately one-third of investor attention is directed towards speculative tokens instead of projects with solid foundations.

2024 saw a prevalent storyline in the cryptocurrency world: meme coins were the talk of the town. These tokens, sometimes labeled as fun or community-focused projects, have caught over 30% of global investor attention, as per a survey by CoinGecko, a platform that tracks crypto prices.

In summary, meme coins captured approximately 14.36% of global cryptocurrency discussion in 2024, which is almost double the 8.32% from the previous year. However, it’s not just about Dogecoin (DOGE) anymore; a variety of meme coins featuring animals and personalities have made their appearance as well.

According to CoinGecko, about one-third of the cryptocurrency conversation this year has centered around more speculative possibilities rather than focusing on fundamentals. It’s not surprising that these assets have gained popularity among individual traders. In fact, meme coins have surpassed even the major cryptos in performance, making them a simple route for average crypto users to potentially strike it rich in a digital lottery-like scenario.

The Solana moment

Among the most illustrious instances of meme coin frenzy, the resurgence of Solana stands out. Initially, this network teetered on the edge of failure following the infamous bankruptcy of the FTX digital asset trading platform.

It’s important to mention that meme coins have been present on the Solana blockchain for some time now, but it was platforms like pump.fun that significantly increased their popularity and contributed to a change in public perception. This surge in interest led Solana meme coins to rank 4th among investors, according to CoinGecko’s ratings, with a 7.65% share of crypto-related conversations in the year 2024.

Copycat effect

As an analyst, I’ve observed that the surge of success with Solana meme coins hasn’t been ignored. Other blockchain networks have attempted to mimic Solana’s strategy, one example being Coinbase’s Base network, which debuted in 2024 as a layer-2 solution on Ethereum. This network too witnessed its own brand of meme coins. Yet, it remains uncertain if these coins managed to stir the same level of enthusiasm as their Solana counterparts.

11th place for meme coins based on their share of global cryptocurrency conversation (2.13%) is commendable, but it’s significantly lower than Solana’s 7.65%. Emerging meme coin categories such as cat-themed and AI meme coins have made their way into the top 20 crypto discussions, however, they haven’t yet matched the excitement generated by Solana’s meme coin boom.

“I see the damage every day”

Although meme coins are widely used, they do have their detractors. To some, they seem like an unnecessary diversion in what could otherwise be a thriving technological landscape. For example, as cryptonews previously reported, Eddy Lazzarin, the chief technology officer for a16z crypto, expressed his worries about how meme coins might negatively influence the broader crypto sector.

In a sequence of posts, Lazzarin cautioned that meme coins are potentially altering the crypto market’s image in an unfavorable manner. He emphasized that this area, at its best, appears more like a “speculative gambling establishment” than a beneficial product.

Memecoins alter how the public, regulators, and entrepreneurs see crypto.

At best, it looks like a risky casino. Or a series of false promises masking a casino.

This deeply affects adoption, regulation/laws, and builder behavior.

I see the damage every day. You should too.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Lazzarin posits that the growth of meme cryptocurrencies might significantly impact how people, regulatory bodies, and innovators perceive the entire cryptocurrency industry in the future.

The speculative frenzy surrounding meme coins — driven by quick profits rather than innovative technology or real-world applications — can mislead new investors and damage the credibility of the crypto industry. In mid-December, for instance, following a warning from the U.K. Financial Conduct Authority, pump.fun barred British users from accessing its website.

As an analyst, I’m constantly witnessing the repercussions on a daily basis, and I must caution: The meme coin craze, while potentially harboring some future prospects for crypto products and frameworks that offer genuine value, risks dealing a substantial blow to the cryptocurrency sector.

Casino always wins

2024 saw a significant shift in the cryptocurrency storyline with the surge of meme coins. Platforms such as Solana and Base are now leveraging the influence of meme coin culture, driving ongoing changes in the market.

It’s unclear whether meme coins will continue to drive discussions or if the cryptocurrency world will revert to its original focus. For the time being, though, the gambling house is operational, and plenty are eager to take a gamble. The findings of CoinGecko’s study were based on non-botted global web traffic within their own categories from January 1, 2023, to December 21 of this year, examining interest in cryptocurrency narratives.

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2024-12-24 18:38