Google notices increase in searches for meme coins
Google has recently reported a surge in search queries related to memecoins, also known as “funny coins,” after a period of low activity. The interest level, measured on a 100-point scale, has reached 57 points, which is significantly lower than the peak of 100 points witnessed in January during the hype surrounding the TRUMP token launch. Despite the lower interest levels, the current data indicates a gradual recovery, hinting at a potential sustained interest in memecoins.
In contrast to the increased search activity on Google, analysts from The Block, Brandon Key, and Ivan Wu, have noted a more restrained reaction on crypto Twitter. Influencers and opinion leaders have not been as enthusiastic about promoting memecoins as they were during the peak in January. This tempered reaction on social media platforms could be a positive sign for the market, according to experts who are cautious about the potential risks associated with speculative peaks and project failures.
Despite the fluctuating interest levels, the infrastructure surrounding memecoins has become stronger, providing users with various tools and launchpads to engage in memecoin trading. Currently, the market capitalization of the memecoin sector stands at $71.62 billion, with Dogecoin leading the pack at $32.46 billion.
Various companies have been showing interest in memecoins as well. In February, Canadian company Neptune Digital Assets incorporated Dogecoin into its investment strategy. Dogecoin Cash Inc. also delved into the memecoin space by forming Dogecoin Treasury Inc. to support the development of Dogecoin-related tools and infrastructure. Mining infrastructure company Bit Origin raised $500 million in investments in Dogecoin, while House of Doge Inc. announced the creation of an official “funny coin” reserve with an investment of approximately $175 million in purchasing DOGE.
Other memecoins have also caught the attention of companies as reserve assets. Nasdaq-listed Safety Shot became the first public organization to add BONK to its reserves, amounting to $25 million in a funding round. Additionally, California Governor Gavin Newsom announced the launch of the Trump Corruption Coin token in September, further expanding the realm of memecoins in the market.
In conclusion, while the interest in memecoins may have dipped and risen over time, the overall infrastructure and market capitalization of the sector showcase a more robust and sustained interest in these “funny coins.” As companies continue to invest in and support memecoins, the market for these digital assets is expected to evolve and grow in the coming months.
