Bitcoin search volume drops as memecoin interest surges

Google search volumes for the term "Bitcoin" (CRYPTO:BTC) hit a yearly low during the week of October 12, 2024, reflecting a sharp decline in interest.

According to Google data, search volume for "Bitcoin" dropped to a score of 33 out of 100, indicating a significant decrease in global interest.

In contrast, searches for "memecoins" surged, reaching a score of 77, though they remain below the all-time high of 100 recorded in October 2023.

Insights from CryptoQuant CEO Ki Young Ju suggest that search volume for memecoins is expected to surpass the previous all-time high by the end of October 2024, as market interest in these digital assets continues to grow.

Memecoins have emerged as one of the most active and popular sectors in the cryptocurrency space, outperforming other digital assets throughout 2024.

According to Step Finance, since September 12, 2024, over 491,000 new tokens have been created on the Solana (CRYPTO:SOL) blockchain, a significant portion of which are memecoins.

On October 9, Solana Floor reported that nearly 20,000 new tokens were launched within just 24 hours, most of them being memecoins.

The combined market capitalization of memecoins on Solana has exceeded $10 billion, with a 24-hour trading volume of approximately $2.3 billion.

The surge in memecoin creation and trading has been fueled by platforms like Pump.Fun, which offers a streamlined interface, low transaction fees, and quick access to liquidity on decentralized exchanges such as Raydium.

This ease of use has allowed many users to issue new tokens, contributing to the memecoin craze.

Similarly, on the Tron (CRYPTO:TRX) network, Justin Sun launched the SunPump platform earlier in 2024, mirroring the success of Solana's Pump.Fun.

Since August, over 90,000 memecoins have been created on SunPump, according to Dune data.

While memecoins continue to capture attention, they have also drawn criticism from investors like Mark Cuban, who warned that many of these tokens pose significant risks, referring to them as "a rug pull in the works."

At the time of writing, the Bitcoin price was $62,799.11.