According to a CoinGecko analysis, meme coins established themselves as the king of cryptocurrencies in the market in 2024, taking up 31% of crypto-related searches. The site traffic analysis from January 1 to December 21 solidified the meme coin narrative as the most mainstream crypto narrative of the year.
Literally, what was a definite run in 2024? What the community seemed to crave was especially the meme coin narrative,” said Lim Yu Qian, a research analyst at CoinGecko. In the report, statistics demonstrate the growing demand; the proposed ‘main meme coin narrative’ was 15% of the search interest demand in the market already in 2023, and it rose by more than six points.
Most diverse meme coins, characterized by very high and fluctuating values and mainly used for short-term trading, have been welcomed and despised by members of the crypto market. Many investors have received rather nice profits due to changes in the tokens’ values, while others just see short-term relations here and there and sc s along with frauds in the tokens.
Dogecoin And Shiba Inu Lead Meme Coin Market
The leaders of the meme coin sector remained unchanged, with Dogecoin (DOGE) in the marketplace valued at $49.3 Billion and Shiba Inu (SHIB) valued at $13.8 Billion, respectively. The two tokens put forward an absolutely ridiculous $113.2 billion worth of meme coin market capitalization.
Selfie coins were another remarkable share of interest and framed Solana even better with 8% interest and the fourth most popular category of coins. Presumably, ASE newcomer’s trends, like meme coins related to the AI industry and those that use the Coinbase Base blockchain, only proved the sector’s role in the crypto market.
Meanwhile, meme coins were the leaders. AI tokens were also quite popular and took up 13% of the share of investors’ attention, which was enough to become the second most popular crypto narrative of the year.
According to CoinGecko statistics, Meme Coins have become the most popular mainstream narrative among crypto investors in 2024, attracting nearly 31% of investors and accounting for approximately 15% of market traffic. pic.twitter.com/3chHAMkVrZ
— News (@BuddyLuminous) December 25, 2024
AI agents, or self-sufficient intelligent entities intended for executing almost any type of activity of a higher level, received much attention. Some examples are the X account and Truth Terminal, an AI account that adopted and promoted the meme coin known as GOAT, which added almost $1.3 billion to its market cap.
Altogether, AI tokens’ market capitalization was worth $44.8 billion in 2024, with Near (NEAR) and the Internet Computer (ICP). But investors seem less enthusiastic about AI tokens than they may be about meme coins.
Like AI stories, Solana-related stories were also prominent in 2024, emerging as a total interest of 14.30%, just behind those that featured AI. This attention was as high as 47% if dedicated to Solana-based meme coins as an emerging narrative. Solana as an ecosystem began trending as the fifth most popular narrative at 5.78%.
In contrast, the first narrative, “Realizing financial goals by holding Real-World Assets” (RWA), gained only meager votes, 1.44 %, while the second narrative, “The scarce assets becoming a reality,” gained more attraction by raising its percentage from 6.48% to 8.64 %. Also, Decentralized Physical Infrastructure Networks (DePIN) came to light, grew, and ascended the narrative ranking levels from 13 to 8.
By contrast, the GameFi category experienced a significant decline in interest share from 10.49% in 2023 to 3.72% in 2024, which shows that new blockchain gaming pitches have lost their charm.
The report also identified firms new to the maturity of blockchain environments or firms in emerging blockchain markets. Again, Coinbase’s Base blockchain was highlighted, with base-centric narratives contributing to ecosystems at 3.33% and meme coins at 1.54%.
Five of the 67 blockchain ecosystems analyzed broke into the top 20 crypto narratives: After Ethereum, Solana, Base, Sui, and TON captured 1.82%, 1.04%, and 0.85% of the market share.
The surge of meme coins also came with an overall market upswing, with BTC up by 123% year to date. However, Meme coins are still relatively robust, and the additional advancement of both AI and Solana signifies that the exciting future of encrypted trade will look completely different by early 2025 at the latest.
All that may sound rather hypothetical, yet meme coins are still something people invest in, and that reestablishes memecoins as one of the main trends in the crypto market. Such bias might remain in place or fade away in some time, yet meme coins have now become the royalty of 2024 narratives in the crypto markets.
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