Dogecoin, the memecoin par excellence, leads trading volumes.
“Meme mania” has been raging for a year.
Meme cryptocurrencies have conquered the Internet with searches for the term “memecoins” on Google reaching an unprecedented level today, November 20, evidencing the existing interest in these digital assets.
According to the data provided by Google Trendsinterest in memecoins has grown more than 300% in November.
This boom makes searches a key indicator not only of its popularity, but also of possible movements in its priceas it is evidence that there are retailers reaching this market.
Currently, Saint Helena, a remote Atlantic island located more than 1,800 kilometers from Angola, leads the list of regions where this term has aroused the greatest curiosity.
In the Spanish-speaking worldVenezuela leads interest in memecoinsfollowed by Spain, Argentina and Peru.
This pattern suggests that, in addition to being a global phenomenon, memecoins have a strong fan base in emerging markets and developing countries.
Why did searches skyrocket?
Although memecoins have gained relevance throughout 2024, The recent increase in popularity is linked to the victory of Donald Trump in the United States presidential elections.
During his campaign, the former Republican president expressed his support for cryptocurrencies and promised to promote favorable regulation for the sector.
In addition, he announced the creation of the Department of Government Efficiency, whose acronym —DOGE— coincides with the dogecoin ticker, the most emblematic memecoin.
This department, as confirmed by Trump, will be led by Elon Musk, CEO of Tesla, along with politician Vivek Ramaswamywhich has generated enthusiasm in the cryptocurrency community.
This catapulted dogecoin to a 157% increase in its price so far in Novemberreaching a high of $0.43 before declining slightly to $0.37, as seen in the chart below. TradingView.
Thanks to this rebound, DOGE managed to position itself as the sixth most valuable cryptocurrency on the market before falling back to seventh place.
The rise of new memecoins
Although dogecoin continues to lead the meme cryptocurrency market, 2024 has also seen the creation of new memecoins thanks to platforms such as pump.fun, based on the Solana network.
These tools have made it easier to launch these assets by allowing users to create cryptocurrencies with initial liquidity in a matter of minutes.
However, this boom carries significant risks. While some memecoins have generated million-dollar profits, 95% of new emissions have resulted in losses for investors, says research firm Kaiko.
Despite this, the ease of launching these tokens has fueled a market full of experimentation and possibilities.
Between memes and economics: the appeal of memecoins
Originally conceived as a form of entertainment and satirememecoins have evolved into a cultural and financial phenomenon.
As explained by the Binance exchange, many of these cryptocurrencies reflect fundamental principles of the industry, such as decentralization and transparency, although its priority remains obtaining quick profits.
The rise of memecoins is also tied to broader economic factors. The expansionary monetary policies of central banks have increased the supply of money, driving inflation that has led many investors to look for alternatives to fiat money.
In this context, the younger generations, especially millennials and centennials, They see memecoins as an opportunity to challenge the traditional financial system.
The increase in searches for “memecoins” on Google not only reflects a digital phenomenon, but also a change in investment dynamics and financial culture.
