Memecoins Capture the Spotlight in 2024, Surpassing Other Crypto Narratives: CoinGecko Report

Memecoins have dominated the crypto landscape in 2024, taking the top spot for investor interest, according to a new study by CoinGecko. The report reveals that nearly a third of all investor attention this year has been focused on these highly speculative tokens, with notable surges in Solana-based and Coinbase's Base blockchain memecoins.

Memecoins Surpass Other Crypto Narratives

CoinGecko's analysis of token category traffic from January 1 to December 21, 2024, found that memecoins accounted for an impressive 31% of the total investor interest. Lim Yu Qian, a research analyst at CoinGecko, noted that “the most popular crypto narrative in 2024 was by far the memecoin narrative.” This trend represents a significant shift, with less emphasis on fundamental value and more on speculative opportunities in the crypto market.

Despite their often volatile price action—marked by rapid gains and losses—memecoins have attracted significant attention this year. In some cases, traders have capitalized on the volatility to make quick profits, though many of these tokens are also prone to sudden crashes and scams.

Solana and Coinbase-Based Memecoins Gain Traction

Within the broader memecoin trend, Solana-based tokens emerged as a key player, ranking as the fourth largest crypto narrative with nearly 8% of investor interest. Meanwhile, memecoins hosted on Coinbase's blockchain, Base, ranked 11th, capturing just over 2% of the interest. The growth of these Solana and Base memecoins reflects the expanding diversity of the memecoin market beyond traditional tokens like Dogecoin and Shiba Inu.

CoinGecko also identified other memecoin trends within the top 20 crypto narratives, including AI-themed and cat-themed memecoins, which captured around 1.5% to 1.2% of investor interest, ranking 15th and 16th, respectively. These niche memecoin categories show that the market is evolving, with new and innovative trends gaining traction.

The Memecoin Market’s Current Landscape

As of 2024, the memecoin market capitalization stands at $113.2 billion. Dogecoin (DOGE) and Shiba Inu (SHIB) lead the market, valued at $49.3 billion and $13.8 billion, respectively. These tokens continue to dominate the memecoin space, but the rise of Solana-based and Coinbase Base memecoins suggests a growing diversification in the sector.

AI Tokens See Continued Interest but Fall Behind Memecoins

While memecoins have taken the lead, interest in artificial intelligence (AI)-related crypto tokens remains strong. In 2024, AI tokens captured nearly 13% of the market interest, up slightly from 11% in 2023, but this narrative dropped from its top spot last year.

The overall AI-related crypto category, which includes AI agents—machines capable of autonomously performing tasks—also garnered 15.5% of investor attention. AI tokens, particularly those tied to platforms like Near Protocol (NEAR) and Internet Computer (ICP), dominate the $44.8 billion AI crypto market. However, AI agent tokens have yet to capture a significant portion of the market share.

One dramatic example of AI's influence in the crypto space occurred when an AI-run X account, “Truth Terminal,” promoted the obscure memecoin GOAT, causing its value to soar to $1.3 billion. While AI-related tokens are gaining attention, they still represent a small part of the broader crypto market.

Conclusion: The Continued Evolution of Crypto Narratives

The CoinGecko report highlights how 2024 has been a year of shifts within the crypto space. Memecoins, fueled by speculative interest, have captured the imagination of investors, pushing them to the forefront of crypto narratives. Solana-based and Base memecoins have particularly risen in prominence, expanding the scope of the memecoin market beyond traditional players like Dogecoin and Shiba Inu.

While AI tokens remain a strong contender in the crypto market, their growth has not yet eclipsed the rise of memecoins. As we move into 2025, it will be interesting to see whether memecoins continue to lead the pack or if AI and other crypto narratives begin to regain ground.