In 2024, memecoins emerged as the leading narrative in the crypto space, capturing nearly 31% of investor interest, according to a CoinGecko study. These highly speculative tokens outshone other narratives, reflecting a growing appetite for quick gains despite high volatility.
Research analyst Lim Yu Qian highlighted that memecoins have consistently dominated crypto discussions this year, with Solana memecoins securing 8% of the interest and Base blockchain memecoins taking 2%. Cat-themed and AI-themed memecoins also gained traction, securing spots in the top 20 trends.
While Bitcoin surged by 123% year-to-date, memecoins experienced rapid price swings, attracting both risk-takers and opportunistic traders. The memecoin market cap now stands at $113.2 billion, with Dogecoin and Shiba Inu leading at $49.3 billion and $13.8 billion, respectively.