In 2024, meme coins have seen a remarkable surge in popularity, with nearly a third of global investor interest focused on these speculative tokens rather than fundamental crypto projects. According to a survey by crypto price aggregator CoinGecko, the meme coin narrative claimed 14.36% of global crypto narrative interest this year, almost doubling the 8.32% figure from the previous year.
This trend isn’t just about Dogecoin. A variety of animal – themed and personality – driven coins have emerged. CoinGecko notes that almost a third of crypto narrative interest in 2024 was centered on more speculative opportunities with less emphasis on fundamentals, making them popular among retail traders, who have seen meme coins outperform major cryptos at times.
Solana, once on the verge of collapse after the FTX bankruptcy, has become a prime example of the meme coin craze. Meme coins on Solana gained significant popularity through platforms like pump.fun. They ranked 4th in investor interest, holding a 7.65% share of crypto narrative discussions in 2024.
Other blockchain networks have tried to replicate Solana’s success with meme coins. Coinbase’s Base network, a layer – 2 solution on the Ethereum blockchain, also had its own meme coins in 2024. However, Base meme coins ranked 11th with a 2.13% share of global crypto narrative interest, far less than Solana’s 7.65%. New projects like cat – themed and AI meme coins have appeared in the top 20 crypto narratives, but their hype hasn’t reached Solana meme coins’ levels.
Despite their popularity, meme coins have critics. Eddy Lazzarin, the chief technology officer for a16z crypto, compared meme coins to a “risky casino” rather than a useful product. He expressed concerns that meme coins are negatively reshaping perceptions of the crypto market. The speculative frenzy surrounding meme coins, driven by quick profits rather than innovative technology or real – world applications, can mislead new investors and damage the credibility of the crypto industry. In mid – December, following a warning from the U.K. Financial Conduct Authority, pump.fun barred British users from accessing its website.
Lazzarin believes that the rise of meme coins could have long – term consequences for how the public, regulators, and entrepreneurs view the crypto space. “I see the damage every day,” Lazzarin warned, adding that while there may be a future for crypto products and protocols that bring real value, the meme coin bubble could set back the space significantly.
CoinGecko’s study examined interest in crypto narratives based on its own categories’ non – botted global web traffic from Jan. 1, 2023, to Dec. 21, this year.
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