Memecoins have claimed the top spot in crypto investor interest for 2024, drawing nearly a third of the focus from market participants. According to a CoinGecko study, 31% of investor attention was directed at these speculative tokens, which often experience rapid gains and sharp losses. “The most popular crypto narrative in 2024 was by far the memecoin narrative,” said Lim Yu Qian, a research analyst at CoinGecko.
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Solana-Based Memecoins Stand Out
Among the memecoins, Solana-based (SOL-USD) tokens were particularly notable, with nearly 8% of total crypto interest directed at them. Meanwhile, tokens on Coinbase’s (COIN) blockchain Base secured an additional 2% of investor mindshare. Although these tokens are often considered speculative and risky, savvy traders have capitalized on their volatility, making quick profits, according to Cointelegraph.
AI Tokens Take a Step Back
AI-related crypto tokens, which dominated the scene in 2023, took a backseat in 2024. However, AI still garnered nearly 13% of interest, growing from last year’s 11%. This shift shows the rising importance of memecoins in the current market, with some tokens, like Dogecoin and Shiba Inu, leading the charge in market capitalization.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
