Bitcoin search volume hits a yearly low, while memecoin interest surges.

Google search volumes for the term "Bitcoin" (BTC) dropped to a 1-year low during the week of October 12, 2024. On a scale of 100, global interest in the term fell to just 33 by the end of the week. 

In contrast, search volume for "memecoins" hit 77 out of 100 during the same period, though it has yet to surpass its previous peak of 100, reached in late October 2023.

However, CryptoQuant CEO and founder Ki Young Ju predicts that memecoin search volume will reclaim its previous all-time high by the end of October 2024, driven by sustained market interest. Memecoins have outperformed all other sectors in the cryptocurrency market throughout 2024 and show no signs of slowing down for the rest of the year. 

Since September 12, 2024, 491,000 new tokens have been created on the Solana (SOL) network. On October 9, Solana Floor reported that nearly 20,000 tokens were launched in just 24 hours, most of them memecoins.

On October 9, Solana Floor reported nearly 20,000 new tokens launched on the Solana network within the previous 24 hours, with the majority being memecoins. The Solana-focused news outlet also revealed that the combined market capitalization of memecoins on Solana exceeded $10 billion, with a 24-hour trading volume of around $2.3 billion as of October 12.

Platforms like Pump.Fun have fueled the memecoin boom on Solana due to their user-friendly interfaces, low transaction fees, and quick liquidity access on decentralized exchanges like Raydium, making it easy for nearly anyone to create new tokens.

Earlier in 2024, industry leader Justin Sun introduced the SunPump platform on the Tron (TRX) network, which operates similarly to Solana's Pump.Fun, allowing users to create memecoins. According to Dune, 90,000 memecoins have been launched on SunPump since its inception in August.

Despite the rising popularity, trading memecoins carries significant risk and has drawn criticism from investors and industry leaders. Investor Mark Cuban recently warned that "every meme coin is a rug pull in the making," advising the public to avoid these highly speculative assets.