Meme coins stole the spotlight in the cryptocurrency world in 2024, dominating nearly a third of investor interest, according to a year-end report from CoinGecko.
The report, which analyzed site traffic data from January 1 to December 21, revealed that 31% of all crypto-related searches were centered around meme coins, solidifying their place as the most popular narrative in the market.
The Rise of Meme Coins
“The most popular crypto narrative in 2024 was by far the meme coin narrative,” said Lim Yu Qian, a research analyst at CoinGecko. The main meme coin narrative alone accounted for 15% of total crypto interest, marking a significant six-percentage-point increase from 2023.
Solana-based meme coins followed as the fourth-largest category, capturing 8% of interest. Other notable trends included meme coins tied to Coinbase’s Base blockchain and AI-themed meme coins, which also ranked among the top narratives of the year.
Despite their speculative nature and associations with scams, meme coins continue to attract both traders seeking quick profits and critics pointing out their fleeting appeal. Leading the pack, Dogecoin (DOGE) and Shiba Inu (SHIB) boast market caps of $49.3 billion and $13.8 billion, respectively, contributing to a combined memecoin market valuation of $113.2 billion.
AI Tokens and Real-World Assets Gain Momentum
Artificial intelligence (AI) tokens emerged as the second-most popular crypto narrative, capturing 13% of interest. Within this category, AI agents—autonomous systems designed to execute tasks—generated particular buzz, accounting for 1.17% of site traffic.
The potential of AI in the crypto space was underscored when the AI-operated X account "Truth Terminal" promoted the memecoin GOAT, pushing its market cap to $1.3 billion. AI-related tokens now represent a $44.8 billion market, led by projects like Near Protocol (NEAR) and Internet Computer (ICP).
Real-world assets (RWA) and decentralized physical infrastructure networks (DePIN) also saw significant growth. The RWA narrative surged to 8.64% of interest, rising to third place in popularity, while DePIN climbed to eighth place, reflecting growing investor enthusiasm for these emerging sectors.
Solana’s Continued Dominance
Solana-related narratives captured a combined 14.30% of interest in 2024, making it the second most popular blockchain ecosystem after Ethereum. Solana meme coins alone accounted for nearly half of this attention, while the broader Solana ecosystem ranked as the fifth most popular narrative with a 5.78% share.
The Base ecosystem also gained traction, with Base meme coins and ecosystem narratives securing a combined 4.87% of interest.
Decline in GameFi and Broader Implications
While meme coins and emerging narratives flourished, the GameFi sector saw a sharp decline, with its share of interest dropping from 10.49% in 2023 to just 3.72% in 2024.
The report highlights the cyclical nature of crypto narratives, with meme coins and Solana leading the charge in 2024. As the market evolves, investor attention continues to shift, shaping the industry’s future direction.
