30s Summary

Google searches for “Bitcoin” hit a one-year low the week of October 12, 2024, while interest in “memecoins” surged. CryptoQuant’s CEO expects memecoin search traffic to further increase due to sustained interest. Almost 500,000 new tokens surfaced on the Solana network since mid-September 2024, with memecoins being the majority. These memecoins hold a combined market value of over $10 billion. Platforms like Pump.Fun and SunPump make memecoin trading easier and affordable. Despite the growth, critics, including Mark Cuban, warn of the risk associated with memecoins, labeling them as potential scams.

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During the week of October 12, 2024, Google searches for “Bitcoin” hit a one-year low. On a scale of 100, global interest took a nosedive down to 33. On the flip side, people were searching “memecoins” much more with a score of 77 out of 100 for that same week. Despite not beating its previous high score of 100 in late 2023, there’s something exciting brewing. CryptoQuant’s CEO Ki Young Ju expects memecoin search traffic to bounce back and smash its old record by end of the month, thanks to sustained interest in this digital cash.

Memecoins are killing it in the crypto game for 2024 and look set to continue shining. Step Finance has the stats to prove it, reporting close to 500,000 new tokens have popped up on the Solana (SOL) network since mid-September 2024. Just on October 9, there were nearly 20,000 new tokens added in 24 hours, most of them being memecoins.

Curious to know how much these memecoins are worth? They’re smashing stats left and right with a staggering market value of over $10 billion and a trading volume of about $2.3 billion, as shared by Solana-focused news on October 12. Platforms like Pump. Fun are making it easier and cheaper for more people to get in on this memecoin madness, with smooth user interfaces, low-cost transactions, and quick access to funds on decentralized exchanges like Raydium.

A big moment for memecoins was when Justin Sun, crypto exec, took the curtains off his memecoin creation platform, SunPump, on the Tron (TRX) network. It’s similar to the Pump. Fun model on Solana, and it’s already created a whopping 90,000 memecoins since it first came out in August.

But a word of warning – it’s not all fun and games with memecoins. They carry a lot of risk and have carried their fair share of negative opinions from investors and industry bigwigs alike. Mark Cuban even declared every memecoin as a scam waiting to happen, cautioning people to be done with these dicey, speculative virtual monies.

Source: Cointelegraph