Memecoins are putting up a strong fight for Bitcoin’s popularity, judging by Google search trends.
Google’s data shows that searches for the word “Bitcoin” hit a 1-year low during the week of October 12, 2024. Let’s discover more about this trend of memecoins.
Memecoins Surge in Popularity as Bitcoin Interest Declines
The search further showed that at the end of last week, global interest in the term “Bitcoin” dropped to just 33 out of a scale of 100. Interestingly, memecoins enjoyed the bulk of the attention, hitting 77 out of 100 during the same period.
We’ve seen these tokens emerge as one of the most lucrative parts of crypto this year. Most investors have turned to this type of asset in search of those huge short-term returns. Surprisingly, memecoins hit an interest rate of 100/100 in October 2023. Judging by their rising popularity, it wouldn’t be far-fetched to see them hit a similar score this year.
Memecoins remain the top-performing part of crypto this year. Interestingly, the bulk of the memecoin hype comes from the Solana ecosystem. Solana accounts for some of the top-performing memecoins of 2024. Also, recent data shows that over 400,000 new tokens have been created on Solana within the last month. The bulk of them were memecoins.
The Memecoin Race is Heating Up
The competition within this market is heating up. Following Solana’s success, Tron has jumped on the memecoin trend too! Earlier in 2024, Justin Sun, Tron’s founder, launched a platform called SunPump.
It works like Pump.Fun on Solana. It’s a platform where users can create their memecoins without much trouble. Interestingly, SumPump has seen massive interest from the community, showing an increased interest in memecoins.
Bitcoin has surged past $65K this morning, continuing its upward trend! Meanwhile, memecoins are still making waves. Are we heading for a new crypto bull run? What’s your strategy—HODL or take profits? #Bitcoin #CryptoMarket #Memecoins #Blockchain #BTC pic.twitter.com/R6xtwwzdK3
— Antonio Sanchez (@AntonioGQS) October 15, 2024
Regardless of the growing fame of this sector, they remain a risky part of crypto. Most investors view them as a gamble. Some major voices, like Mark Cuban, believe memecoins are likely to be rug pulls.
What’s the Smartest Thing to do?
Investing in crypto should only be by the golden rule, “Invest as much as you can lose.” Investing in memecoins carries huge risks. Why? Memecoins largely draw their value from hype and community support.
Unlike Bitcoin and other major cryptos, memecoins have no underlying utility. For example, such as being used as a means of payment or store of value.
If you’re considering investing in memecoins, it’s important to remember that they’re highly speculative. You could make a quick profit, but you could also lose a lot. Some people see them as fun, short-term bets. But, they shouldn’t be treated like long-term investments. It’s wise to only invest what you’re comfortable losing and do thorough research before jumping in.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Fady Askharoun Samy Askharoun
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