Nearly 30% of crypto trends focused on meme coins in 2024, survey shows

2024 saw a dramatic increase in interest in meme coins; Almost a third of investors focused on speculative tokens rather than core projects.

In 2024, one narrative has emerged that dominates the crypto space more than any other: meme coins. Often considered dumb coins made for jokes or community-driven projects, these tokens have captured more than 30% of global investor interest, according to a recent survey conducted by crypto price aggregator CoinGecko.

Top crypto trends of 2024 | Source: CoinGecko

In total, the meme coin narrative claimed 14.36% of global crypto narrative interest in 2024, nearly doubling from 8.32% the previous year. But it’s no longer just about the rise of Dogecoin (DOGE); A series of animal-themed, personality-driven coins also appeared.

“Almost a third of interest in crypto narratives this year has been focused on more speculative opportunities, with less emphasis on fundamentals,” CoinGecko said. And it’s no wonder these assets are so popular among retail traders. Suddenly, meme coins surpassed even cryptocurrencies and became an easy way for ordinary crypto users to win the digital lottery.

Solana’s moment

One of the brightest examples of the meme coin craze was the role of Solana, a network that was once on the verge of collapse, after the notorious bankruptcy of the FTX crypto exchange.

It’s worth noting that meme coins have been in use on Solana for a while, but it’s fair to say that they gained huge popularity through platforms like Pump.fun, which played a big role in changing the narrative. As a result of this increase, Solana meme coins ranked 4th in investor interest according to CoinGecko’s rating and have a 7.65% share of crypto narrative discussions in 2024.

copycat effect

But the success of the Solana meme coins did not go unnoticed. Other blockchain networks have also tried to copy Solana’s approach. For example, Coinbase’s Base network, which launched as a layer 2 solution on the Ethereum blockchain, also saw its own meme coins in 2024. However, it is unclear whether these coins have received the same level of attention as Solana competitors.

Fundamental meme coins ranked 11th with a 2.13% share of global crypto narrative interest; While this is respectable, it still pales in comparison to Solana’s 7.65%. While some new projects, such as cat-themed meme coins and the emergence of AI meme coins, are also featured in the top 20 crypto narrative, the excitement surrounding them has yet to reach the heights of Solana’s meme coin rise.

“I see the damage every day”

Despite their popularity, meme coins are not immune from criticism. For some, these represent a pointless distraction in a promising technological field. For example, as crypto.news previously reported, a16z crypto chief technology officer Eddy Lazzarin shared concerns about the negative impact of meme coins on the broader crypto industry.

He particularly likens meme coins to a “risky casino” rather than a useful product. In a series of

Memecoins are changing the way the public, regulators, and entrepreneurs view crypto.

It looks like a risky casino at best. Or a series of false promises masking a casino.

This profoundly impacts adoption, regulations/laws, and builder behavior.

I see the damage every day. You should too.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Lazzarin believes that the rise of meme coins could have long-term consequences on how the public, regulators, and entrepreneurs view the crypto space.

The speculative frenzy surrounding meme coins, driven by quick profits rather than innovative technology or real-world applications, could mislead new investors and damage the credibility of the crypto industry. In mid-December, for example, following a warning from the UK Financial Conduct Authority, Pump.fun banned British users from accessing its website.

“I see the damage every day,” Lazzarin warned, adding that there may be a future for crypto products and protocols that bring real value, but the meme coin bubble could significantly narrow the field.

Casino always wins

In many ways, the rise of meme coins in 2024 marks a pivotal moment in the cryptocurrency narrative. The market continues to evolve as blockchain ecosystems such as Solana and Base seek to harness the power of meme coin culture.

It remains to be seen whether meme coins will continue to dominate the narrative or whether the crypto space will return to its roots. But for now, the casino is open and many are ready to roll the dice. CoinGecko’s study examined interest in crypto narratives based on their category’s bot-free global web traffic from January 1, 2023 to December 21 this year.