As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I must admit that this recent Binance survey has piqued my interest. The surge in meme coin holdings among HODLers, surpassing even Bitcoin, is a clear indication of the shifting tides within the crypto market.
According to a survey by cryptocurrency exchange Binance that was published on December 18, it appears that more HODLers (crypto holders) are storing meme coins in their digital wallets rather than Bitcoin. In fact, around 16% of the participants in this global survey admitted to owning meme coins.
Bitcoin, denoted as BTC and currently valued at approximately $102,381, was the second most popular choice among respondents in a recent survey, with 14.4% indicating they have exposure to this asset class. Over 27,000 users from regions including Asia, Australia, Europe, Africa, and Latin America participated in the study. The Binance report highlighted that cryptocurrency exchange:
According to the findings from our survey, it appears that memecoins are currently widely owned and generate a great deal of enthusiasm among users regarding their potential growth in the future.
In the role of an analyst, I can attest that meme coins experienced significant growth throughout 2024, particularly those built on the Solana blockchain network. These digital assets have not only bolstered their own success but also contributed to the expansion and evolution of the Solana ecosystem. Remarkably, in certain key areas, Solana even surpassed Ethereum last year.
During the last quarter, popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and newcomers like Pepe Coin (PEPE), Bonk (BONK), and dogwifhat (WIF) have entered the scene. These digital assets have provided significant returns to investors, with some even offering multi-bagger gains. Interestingly, crypto exchange Binance did not reveal the amount of these coins held by their respondents in a recent survey.
AI Tokens Remain the Top Choice above Meme Coins
Although meme coins surpassed Bitcoin in terms of individual ownership, AI tokens held the position of leading the market share. In a poll, AI tokens received 23% of the votes as the predicted drivers of market growth for next year. Meme coins trailed closely behind with 19% of respondents anticipating an increase in their market value by 2025.
The data from Google searches indicates a surge in popularity for meme-based cryptocurrencies. Over the last month, searches for “memecoins” reached an all-time high of 100 on December 5 and then gradually decreased to 66 by December 19. On the contrary, Bitcoin saw a volume of 50, falling from its peak of 100 on the same date.
As an analyst, I find it intriguing to delve into the findings from the Binance Survey. It appears that a significant number, approximately 45%, of the participants entered the crypto market this very year, 2024. Additionally, a noteworthy 31% of the surveyed users are active traders. This data underscores the fact that the majority of our survey respondents seem to be following the crypto trend.
Discussion has been ignited among financial experts regarding meme coins, which are frequently seen as highly speculative cryptocurrencies with minimal or no practical use. Some analysts even propose the idea of a ‘memecoin boom cycle’, implying that there might be further growth in the market’s upward trajectory.
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2024-12-19 14:12