Crypto: Memecoins End 2024 on a High Note

We can mock them, ignore them, or label them as absurd, but memecoins continue to capture phenomenal attention. These ultra-volatile tokens, which sometimes turn traders into millionaires overnight, are equally capable of ruining their dreams in just a few clicks. So, why this craze? In 2024, a study by CoinGecko reveals that these unlikely assets dominated minds, capturing one-third of crypto investors’ interest.

Why do memecoins fascinate so much?

Memecoins, driven by iconic figures like Dogecoin and Shiba Inu, total an astronomical market capitalization of $113.2 billion in 2024. However, their success is based on foundations far removed from those of bitcoin or Ethereum: here, there is no revolutionary technology, just quirky stories, absurd trends, and a good dose of speculation.

⚡ LATEST: Memecoins take top spot for crypto investor interest in 2024: CoinGecko

Memecoin interest in 2024 was largely directed to #Solana-based tokens, followed by those on L2 Base, according to a CoinGecko study. pic.twitter.com/QaOvszhqj1

— Cointelegraph (@Cointelegraph) December 25, 2024

Some key facts from 2024:

• Dogecoin remains the undisputed king with $49.3 billion in capitalization;
• Shiba Inu, its challenger, reaches $13.8 billion;
• Memecoins linked to Solana seize 8% of global interest, reinforcing the blockchain’s position.

According to Lim Yu Qian from CoinGecko, “interest in memecoins represents almost a third of crypto narratives, a significant increase compared to 2023“.

The public is attracted by their potential for quick gains, even though the flip side is well-known: a drop as brutal as a bad joke.

Crypto traders: players or visionaries?

The line between boldness and recklessness seems blurred among crypto traders passionate about memecoins. Many see it as an opportunity to multiply their stake, provided they play fast and well. CoinGecko highlights that these ultra-speculative tokens particularly attract young profiles, eager for thrills.

Meanwhile, the boom of memecoins has amplified other narratives, such as the rise of AI-based cryptos, which climbed to 13% interest this year. AI even played an unexpected role in promoting the GOAT token via an intelligent agent, propelling its value to $1.3 billion.

Traders know that memecoins are fleeting, but that is precisely what makes them appealing. They position themselves on exotic tokens (kittens, bananas, or AI) in the hope of hitting the jackpot. A strategy that sometimes pays off: in 2024, several memecoins made historic leaps in just a few days.

Thus, memecoins have contributed to an explosive year for Solana, which shattered its records in 2024. A phenomenon that proves once again that crypto holds many surprises for its followers.