Memecoins take top spot for crypto investor interest in 2024
A CoinGecko study revealed that in 2024, investor interest in memecoins surged, with nearly a third of attention directed towards these speculative tokens. Lim Yu Qian, a research analyst at CoinGecko, noted that memecoins dominated the crypto narrative, capturing almost 31% of investor interest from January 1 to December 21. The memecoin narrative's interest share increased from 2023, emphasizing speculation over fundamentals. Memecoins saw significant price fluctuations amidst a broader crypto rally where Bitcoin rose 123% year-to-date. Dogecoin and Shiba Inu led the memecoin market cap at $49.3 billion and $13.8 billion, respectively. Additionally, interest in AI tokens also rose but dropped from the top spot in 2023, garnering around 13% of interest this year. Overall, the memecoin market is currently valued at $113.2 billion, reflecting a heightened speculative interest in the crypto market for 2024.
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