Meme Coins Were the “Most Popular” Crypto Narrative in 2024: CoinGecko

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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December 24, 2024

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Meme coins dominated the crypto landscape in 2024, capturing nearly a third of investor interest, according to a recent CoinGecko report.

The study, which analyzed site traffic from January 1 to December 21, revealed that 31% of crypto-related searches centered around these highly speculative tokens.

“The most popular crypto narrative in 2024 was by far the meme coin narrative,” Lim Yu Qian, a research analyst at CoinGecko, wrote.

Main Meme Coin Narrative Accounted for 15% of Interest

Among the various trends, the “main meme coin narrative” alone accounted for 15% of interest, a notable increase of over six percentage points from 2023.

Solana-based meme coins followed closely as the fourth-largest category, with an 8% share of interest.

Additionally, other meme coin-related trends, such as those tied to Coinbase’s Base blockchain and AI-themed meme coins, ranked among the top narratives, further solidifying the sector’s prominence.

Despite their speculative nature and frequent association with scams, meme coins have drawn both criticism and admiration.

While some traders have capitalized on their volatile price movements, others highlight the fleeting nature of these tokens’ popularity.

Dogecoin (DOGE) and Shiba Inu (SHIB) continue to lead the market with respective market caps of $49.3 billion and $13.8 billion, contributing to a combined memecoin market valuation of $113.2 billion.

Interestingly, artificial intelligence (AI) tokens emerged as the second-most popular crypto narrative of the year, securing nearly 13% of interest.

AI narratives gained traction, particularly around AI agents—autonomous systems designed to perform tasks—which captured 1.17% of visitor interest.

The potential of AI in the crypto space was showcased when the AI-operated X account “Truth Terminal” promoted the obscure memecoin GOAT, driving its market cap to $1.3 billion.

While AI-related tokens now represent a $44.8 billion market led by Near Protocol (NEAR) and Internet Computer (ICP), they trail meme coins in capturing investor enthusiasm.

The rapid rise of meme tokens this year underscores their enduring appeal, even in a broader market rally that saw Bitcoin gain 123% year-to-date.

Other Emerging Trends: Real-World Assets and Solana

The Real-World Assets (RWA) and Decentralized Physical Infrastructure Networks (DePIN) narratives gained significant traction in 2024, surpassing their popularity in 2023.

The RWA narrative increased its share of investor interest by 2.16 percentage points to 8.64%, rising from 6th to 3rd place in popularity.

Similarly, DePIN saw a 1.56 percentage point increase, climbing from 13th to 8th place.

In contrast, the GameFi narrative experienced a sharp decline, with its share of interest dropping from 10.49% in 2023 to just 3.72% in 2024.

Solana-related narratives continued to captivate investors, capturing a combined 14.30% share of interest, placing it just behind AI-focused narratives.

While Solana meme coins accounted for nearly half of this attention, the broader Solana ecosystem also gained momentum, ranking as the 5th most popular narrative with a 5.78% share.

Base, another emerging blockchain ecosystem, saw its narratives enter the top 20 rankings, with Base ecosystem and Base meme coins together securing a 4.87% share of investor interest.

Among the 67 blockchain ecosystems analyzed, five made it to the top 20 crypto narratives of 2024, which included Ethereum (1.82% share), Solana, Base, Sui (1.04%), and TON (0.85%).