Report: ‘Bitcoin’ Google Search Volume Declines, While ‘Meme Coin’ Increases
CryptoQuant’s Latest Report
Crypto analytics company CryptoQuant has reported that the search volume for ‘Bitcoin’ on Google hit a yearly low on Saturday. According to the report, out of a scale of 100, the global interest in the term Bitcoin has declined to 33.
On the other hand, interest in meme coins has grown since the start of the year, as evidenced by the rising search volume, which reached 78 out of 100 over the weekend. However, the volume has yet to break above the all-time high of 94 recorded last October.
CryptoQuant CEO Ki Young Ju is optimistic that meme coin search volume will hit a new high before the end of the month as investor interest in these highly volatile crypto assets surges.
Step Finance Says Meme Coins Are the Best-Performing Crypto Assets in 2024
In its recent report, Step Finance said that meme coins have been the highest-performing cryptocurrencies this year, and the trend is likely to continue in the remaining months.
The company noted that Solana hosted the most meme coins. Interestingly, creators launched over 490,000 meme coins on that blockchain in September. Furthermore, Step Finance revealed that 19,076 meme coins were minted on Solana last Thursday alone.
As of this writing, data from step.finance shows Solana-based meme coins have a combined market cap of $10.2 billion, with a daily trading volume of $2.4 billion.
What’s Driving the Growing Interest in Meme Coins?
PumpFun, an established token creation platform, has been the primary factor of the Solana meme coin craze. It allows creators to launch tokens at a small cost ($2) without requiring them to provide initial liquidity. This has made it easy for anyone to mint new meme coins.
Besides Solana, Tron is another blockchain riding on the meme coin wave following the introduction of the SunPump protocol, which works similarly to PumpFun. Data from Dune shows that creators on Tron have launched over 95,000 meme coins since SunPump’s launch in August.
As investor interest in meme coins grows, billionaire Mark Cuban cautioned his X followers against injecting funds into these tokens, arguing that they were “rug pulls in the works.”
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