The year 2024 saw a dramatic surge in interest in meme coins, with nearly a third of investor interest focused on speculative tokens rather than fundamental projects.
In 2024, one narrative seemed to dominate the crypto space more than any other: meme coins. These tokens, often seen as silly coins meant for pranks or community projects, have attracted more than 30% of global investor interest, according to the latest survey conducted by crypto price aggregator CoinGecko.
In total, the meme coin narrative claimed 14.36% of global narrative interest in cryptocurrencies in 2024, almost double the previous year’s figure of 8.32%. But it’s not just about the rise of Dogecoin (DOGE) more; a range of animal-themed and personality-driven pieces have also emerged.
“Nearly a third of the narrative interest in cryptocurrencies this year has focused on more speculative opportunities and less on fundamentals,” notes CoinGecko. And it’s no surprise that these assets are so popular among retail traders. In a moment, even coins outperformed crypto majors, thus becoming an easy way to win a digital lottery for ordinary crypto users.
The Solana moment
One of the most prominent examples of the meme coin craze has been the role of Solanaa network that was once on the verge of collapse after the notorious bankruptcy from the crypto exchange FTX.
It’s worth noting that meme coins have been around for a while on Solana, although it’s fair to say they’ve gained popularity thanks to platforms like pump.fun, which have played a significant role in shifting the narrative . Due to this momentum, Solana meme coins ranked 4th in terms of investor interest, according to CoinGecko’s rating, holding a 7.65% share of crypto narrative discussions in 2024.
Copy effect
But the success of the Solana meme coins has not gone unnoticed. Other blockchain networks have also attempted to replicate Solana’s approach. For example, that of Coinbase Base The network, 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 attracted the same level of interest as their Solana rivals.
Meme Core Coins ranks 11th with a 2.13% share of global crypto narrative interest, which, while respectable, still pales in comparison to Solana’s 7.65%. While some new projects – like the emergence of cat-themed meme coins and AI meme coins – have also appeared in the top 20 crypto stories, the hype surrounding them has yet to reach the heights of the skyrocketing rise of Solana meme pieces.
“I see the damage every day”
Despite their popularity, meme pieces are not without their critics. For some, they represent an unnecessary distraction in an otherwise promising tech space. For example, like crypto.news reported Earlier, Eddy Lazzarin, chief technology officer of a16z crypto, shared his concerns about the negative impact of meme coins on the broader crypto industry.
He particularly likened meme coins to a “risky casino” rather than a useful product. In a series of X posts, Lazzarin expressed concern that meme coins are negatively reshaping the perception of the crypto market, noting that this sector resembles a “risky casino” “at best.”
Memecoins alter how the public, regulators, and entrepreneurs see crypto.
At best, it looks like a risky casino. Or a series of false promises masking a casino.
This deeply affects adoption, regulation/laws, and builder behavior.
I see the damage every day. You should too.
— Eddy Lazzarin đźź đź” (@eddylazzarin) April 24, 2024
Lazzarin believes that the rise of meme coins could have long-term consequences for 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 – can mislead new investors and damage the credibility of the crypto industry. In mid-December, for example, following a warning from the British Financial Conduct Authority, Pump.fun rod UK users access its website.
“I see the damage every day,” Lazzarin warned, adding that while there may be a future for crypto products and protocols that provide real value, the coin bubble could set the space back significantly.
The casino always wins
In many ways, the rise of meme coins in 2024 marks a pivotal moment in the crypto narrative. As blockchain ecosystems like Solana and Base attempt to harness the power of coin culture, the market continues to evolve.
It remains to be seen whether meme coins will continue to dominate the narrative or whether the crypto space will return to its roots. For now, though, the casino is open – and many are ready to roll the dice. The CoinGecko study examined interest in crypto narratives based on unbottled global web traffic from its own categories from January 1, 2023 to December 21 of this year.