Memecoins dominated 31% of crypto narratives in 2024, according to a report by CoinGecko.

This represents nearly 4x growth compared to last year when the theme appeased just 8.32% of investors out of 25 narratives. 

The rise of memecoins, initially driven by dog-themed coins, expanded into new territories in 2024, including animal- and personality-themed tokens.

According to the report, the trend highlights an investor appetite for speculative opportunities prioritizing cultural virality over traditional fundamentals.

The memecoin launchpool Pump.fun can be used as a proxy for the success of these tokens. Nearly 5 million new memecoins were deployed on Solana alone this year, with the platform capturing over $335 million in fees, according to a Dune Analytics dashboard by user evelyn223.

The primary memecoin narrative claimed the top spot among crypto narratives, accounting for 14.36% of investor mindshare. 

Also, four memecoin trends ranked in the top 20: Solana memecoins (7.65%), Base memecoins (2.13%), AI memecoins (1.49%), and cat-themed memecoins (1.19%).

According to data from Artemis, memecoins represented the third most profitable narrative in 2024, generating an average yearly return of 201%. The gains were also above the 128% average return from the market.

Besting AI tokens

This year’s growth in artificial intelligence (AI) technologies raised investors’ expectations about the intersection between AI and blockchain. As a result, this became a hot trend within the crypto community, capturing 15.67% of the mindshare across six narratives.

The core AI ecosystem was responsible for most of the popularity, registering the second-largest overall popularity with a 12.58% share, up 1.26% from last year.

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Author: Gino Matos