Memecoins account for 31% of Crypto coverage in 2024, with a 4-fold surge in popularity!

Memecoins dominated 31% of coverage of crypto assets in 2024, according to a report from Coingecko.

This is a nearly 4x increase compared to last year, when the theme attracted only 8.32% of investors in 25 reports.

The rise of memecoins was initially driven by dog-themed tokens, but expanded to new areas in 2024, including animal- and personality-themed tokens.

The trend highlights investors’ preference for speculative opportunities, where cultural virality takes precedence over traditional fundamentals, the report said.

Memecoin launch pool Pump.fun can serve as a proxy for the success of these tokens.

According to user evelyn223’s Dune Analytics dashboard, nearly 5 million new Memecoins have been deployed on Solana alone this year, with the platform earning more than $335 million in fees.

The Memecoin narrative took the top spot among Crypto asset narratives, accounting for 14.36% of investor share.

Four Memecoin trends also made the top 20: Solana Memecoin (7.65%), Base Memecoin (2.13%), AI Memecoin (1.49%), and Cat Theme Memecoin (1.19%).

Memecoins are the third most profitable Crypto asset in 2024, with an average annual return of 201%, according to Artemis. Its gains are also higher than the market’s average return of 128%.

This year, the development of artificial intelligence technology has raised investor expectations for the crossover between AI and blockchain.

As a result, this became a popular trend in the Crypto asset community, accounting for 15.67% mind share among the six narratives.

The core AI ecosystem was responsible for the majority of popular trends, ranking second in overall popularity 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 contributed to the growth of the technology's influence in Crypto assets.

This year, however, the popularity of the Memecoins space has risen sharply, eclipsing the performance of AI.

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In addition, AI tokens have performed negatively this year by 11.6%, mainly due to Worldcoin's WLD falling 39%.

The Real World Asset (RWA) narrative gained traction, climbing to third place with 8.64% of investor interest, up 2.16% from 2023.

Similarly, Decentralized Physical Infrastructure Networks (DePIN) also rose from 13th to 8th place, with a 1.56% increase in share.

By contrast, the share of blockchain games (GameFi) declined, from 10.49% in 2023 to 3.72% in 2024, reflecting waning interest in gaming-related blockchain applications.

The RWA sector posted an average annual return of 1,755%, largely due to a 6,520% rise in Mantra’s OM token.

As a result, the average return for tokens in this sector is exaggerated.

Meanwhile, the DePIN token jumped 30% in the same period, while the average performance of gaming tokens was negative 23.4%.

The blockchain ecosystem also attracted a lot of attention in 2024, with narratives related to Solana and Base gaining prominence, with Memecoins playing a key role.

Solana coverage accounted for 14.30% of the total, driven by Solana Memecoins (7.65%) and broader ecosystem interest (5.78%).

Base coverage accounted for 4.87%, driven by the Base ecosystem and Base Memecoins.