In 2024, the crypto world saw a significant rise in the popularity of memecoins, which dominated 31% of crypto narratives, a nearly 4x increase from the previous year. Initially fueled by dog-themed coins, memecoins expanded into new territories, including animal- and personality-themed tokens. This trend reflects an investor preference for speculative opportunities that prioritize cultural virality over traditional fundamentals. The launch of Pump.fun, a memecoin launchpool, saw nearly 5 million new memecoins deployed on Solana alone, generating over $335 million in fees.
The primary memecoin narrative claimed the top spot among crypto narratives, with other memecoin trends such as Solana memecoins, Base memecoins, AI memecoins, and cat-themed memecoins also ranking in the top 20. Memecoins were the third most profitable narrative in 2024, boasting an average yearly return of 201%, surpassing the market average return of 128%.
On the other hand, the growth of artificial intelligence (AI) technologies in 2024 led to increased interest in the intersection between AI and blockchain, capturing 15.67% of investor mindshare across six narratives. The core AI ecosystem was particularly popular, accounting for a 12.58% share. However, despite its growing influence in crypto, AI tokens had a negative 11.6% performance due to Worldcoin’s WLD 39% drawdown.
The real-world assets (RWA) narrative gained traction in 2024, climbing to third place with an 8.64% share of investor interest. Decentralized Physical Infrastructure Networks (DePIN) also saw an increase in popularity, moving from 13th to 8th place. In contrast, the blockchain gaming (GameFi) narrative experienced a decline, shrinking from a 10.49% share in 2023 to just 3.72% in 2024.
Solana and Base-related narratives emerged as significant players in the blockchain ecosystem in 2024, with memecoins playing a crucial role in their rise. Solana narratives accounted for 14.30% of investor interest, driven by Solana memecoins and broader ecosystem interest. Base narratives also saw growth, with a total share of 4.87%, bolstered by the Base ecosystem and Base memecoins. Overall, memecoins’ increasing popularity and profitability, as well as the intersection between AI and blockchain technologies, shaped the crypto landscape in 2024.
