Memecoins accounted for 31% of crypto coverage in 2024, with popularity surging fourfold
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Memecoins accounted for 31% of crypto coverage in 2024, with popularity surging fourfold
This trend highlights investors' preference for speculative opportunities.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
According to a report by CoinGecko, in 2024, memecoins dominated 31% of crypto asset narratives.
This represents nearly a fourfold increase compared to last year, when the topic attracted only 8.32% of investor attention across 25 articles.
The rise of memecoins was initially driven by dog-themed tokens but expanded into new categories in 2024, including animal- and personality-based tokens.
The report states that this trend highlights investors' preference for speculative opportunities, where cultural virality takes precedence over traditional fundamentals.
Pump.fun, a memecoin launchpad, serves as an indicator of these tokens’ success.
Data from user evelyn223’s Dune Analytics dashboard shows nearly 5 million new memecoins were deployed on Solana alone this year, generating over $335 million in platform fees.
The memecoin narrative ranked first among crypto asset themes, capturing 14.36% of investor interest.
In addition, four memecoin trends made it into the top 20: Solana memecoins (7.65%), Base memecoins (2.13%), AI memecoins (1.49%), and cat-themed memecoins (1.19%).
According to Artemis data, in 2024 memecoins were the third most profitable crypto asset class, delivering an average annual return of 201%, outperforming the market average return of 128%.
This year, advancements in AI technology heightened investor expectations around the intersection of artificial intelligence and blockchain.
As a result, it became a major trend within the crypto community, capturing 15.67% of mindshare across six key narratives.
The core AI ecosystem accounted for most of this popularity, ranking second overall with a 12.58% share—up 1.26% from last year.
AI-related trends such as AI agents (1.17%) and AI memecoins (1.49%) further boosted the technology’s influence in crypto.
However, the surging popularity of memecoins has significantly overshadowed AI performance this year.
Moreover, AI tokens posted a negative return of 11.6% this year, primarily due to Worldcoin's WLD token falling 39%.
The real-world assets (RWA) narrative gained traction, rising to third place with 8.64% of investor interest—up 2.16% from 2023.
Likewise, decentralized physical infrastructure networks (DePIN) climbed from 13th to 8th place, increasing their share by 1.56%.
In contrast, blockchain gaming (GameFi) saw its share decline, dropping from 10.49% in 2023 to 3.72% in 2024, reflecting waning interest in blockchain applications for gaming.
The RWA sector delivered an average annual return of 1,755%, largely driven by Mantra's OM token surging 6,520%.
Thus, the average returns in this sector were skewed upward.
Meanwhile, DePIN tokens rose 30% over the same period, while gaming tokens averaged a negative 23.4%.
Blockchain ecosystems also attracted significant attention in 2024, with narratives around Solana and Base growing increasingly prominent, where memecoins played a pivotal role.
Driven by Solana memecoins (7.65%) and broader ecosystem interest (5.78%), Solana-related coverage captured a combined 14.30% share.
Base-related coverage reached 4.87%, fueled by growth in both the Base ecosystem and Base memecoins.
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