Crypto Updates

Memecoins Stir Up the Market – CryptoNinjas

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Key Takeaways:

  • Memecoins have surpassed AI to become the most prominent crypto trend in 2024. They account for 31% of investor interest.
  • Despite still being a major trend, AI performed poorly this year. It fell behind memecoins in terms of investor interest.
  • Blockchain ecosystems like Solana and Base are growing rapidly. They are driven by memecoins and infrastructure projects.

This news dives deep into CoinGecko’s data. It shows memecoins have overtaken AI as the top crypto trend of 2024. We’ll explore the rise of memecoins, why they attract investors, and other notable crypto trends from the past year.

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CoinGecko Report

The Unexpected Rise of Memecoins

Have you ever thought coins based on funny memes could dominate the crypto market? In 2024, memecoins exploded in popularity. They outpaced well-funded tech projects. According to CoinGecko, memecoins grabbed 31% of crypto investor interest this year. That’s nearly double the interest in AI projects. AI was expected to be the “star” of the year. This shows that humor and community can sometimes be more compelling than advanced technology.

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memecoins grabbed 31% of crypto investor interest this year. Source: CoinGecko

You’ve probably heard of Dogecoin (DOGE) or Shiba Inu (SHIB). These are the original memecoins. They started as online jokes. But they quickly gained a massive following. They created a market worth $117 billion. Memecoins succeed because they spread quickly on social media. Celebrity endorsements also boost them. But it’s important to remember that memecoins’ value doesn’t come from intrinsic worth or groundbreaking technology. It comes from community excitement and trust.

Examples:

  • Dogecoin, initially a joke, is now one of the largest memecoins.
  • New memecoins like Pepe (PEPE) and Bonk (BONK) show the ongoing growth of this trend.

More News: Memecoin Holders Surpass Bitcoin: What Does This Mean for Crypto?

Memecoins on Solana and Base: Highlights of the Trend

CoinGecko points out that memecoins aren’t limited to well-known coins. They are expanding into various ecosystems. Solana (SOL) has become a “haven” for memecoins. 7.65% of investor interest is focused on Solana-based memecoins. Pump.fun, a platform for easily creating memecoins, has seen nearly 5 million memecoins launched on Solana. This generated over $335 million in fees.

 

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Solana-based memecoins

Base, Coinbase’s blockchain, also sees significant memecoin activity. It captured 2.13% of investor interest. This indicates…

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