Published on oktober 14, 2024, 12:25 am
Image source: Fox News
```json [ { "TLDR": "Memecoins experienced significant growth in September 2024, driven by new token creation on Solana and Tron networks. Despite low 'Bitcoin' searches, memecoin interest remains strong but hasn't surpassed late October 2023 peak. CryptoQuant CEO predicts memecoin search volumes to hit new highs by end of October. Solana has seen over 491,000 new memecoins created with a market cap exceeding $10 billion. Platforms like Pump.Fun and SunPump on Tron have fueled memecoin frenzy but concerns exist about the risks involved." } ] ```
In September 2024, Memecoins saw significant growth, thanks to new token creation on the Solana and Tron networks. While Google searches for “Bitcoin” hit a low for the year, interest in memecoins remained strong but has yet to surpass its peak in late October 2023.
Ki Young Ju, CEO of CryptoQuant, predicts that memecoin search volumes will likely reach new highs by the end of October 2024. These coins have been outperforming other sectors in the cryptocurrency realm this year and are showing no signs of slowing down.
Solana has been a hotspot for memecoin activity, with over 491,000 new tokens created since mid-September. The network’s market capitalization for memecoins exceeded $10 billion, with a substantial daily trading volume recorded.
The rise of platforms like Pump.Fun on Solana and SunPump on Tron has fueled the memecoin frenzy, offering users easy token creation processes and access to decentralized exchanges like Raydium. However, industry figures like Mark Cuban have expressed concerns about the risks associated with trading these highly speculative assets.
As we navigate through this volatile landscape of digital currencies and meme-based tokens, it raises questions about whether memecoins are a deviation from crypto’s original purpose or represent a new frontier within the industry.
Original article posted by Fox News
