According to a Binance survey, memecoin is the most popular cryptocurrency held in investors' wallets, surpassing even the number of users holding Bitcoin.
Binance users hold more memecoins than Bitcoin in 2024. Image: Binance
Results of Binance's global user survey
On December 18, the world's largest cryptocurrency exchange Binance released the results of its global user survey, providing a visual perspective on the investment trends of the crypto community in 2024. According to the report, memecoins have surpassed Bitcoin, becoming the most held cryptocurrency asset in users' wallets.
Binance released a global user survey report, 23.89% of respondents said that AI tokens have the greatest potential. Memecoins ranked second with 19%, followed by DeFi tokens (12.37%) and layer-1 tokens (12.28%). 16.1% of respondents currently hold memecoins. Bitcoin ranked…
— Wu Blockchain (@WuBlockchain) December 19, 2024
Specifically, this survey was conducted with more than 27,000 users from Asia, Europe, Africa, Australia, and Latin America. The results show that 16% of respondents said they currently hold memecoins, while only 14.44% hold Bitcoin, making memecoins the most popular cryptocurrency asset in users' wallets.
However, Binance did not disclose the specific value of the amount of memecoins that the survey participants currently hold.
Binance's "darling token" BNB is the third most held with a rate of 14.23%. Interestingly, the number of wallets holding BNB surpassed even ETH, accounting for 10.95% of the total token holdings of the survey participants. BNB even far surpassed the leading layer-1 tokens, with only 10.38% of holdings. Binance commented:
"This result not only reflects the current popularity of memecoins but also shows that this is a digital asset that users have high expectations for in the future."
Memecoins not only lead the portfolio of user holdings but are also predicted to continue to boom in 2025. The survey also shows that 19% of users believe that memecoins will drive market value, second only to AI tokens with 23.89% highly evaluating their development potential in the coming year.
In addition, Binance's survey revealed that 45% of participants joined the crypto market in 2024, with 24.52% just starting to trade in the past 6 months and 20.6% entering the market within the past year.
The survey also clarified the factors that attract users to cryptocurrencies. The potential for rapid price appreciation is seen as the most attractive reason, with 22.4% of participants confirming this as their primary motivation. Decentralization and the ability to achieve financial freedom rank second, accounting for 18.78% of the choices. Meanwhile, convenience and fast transaction speed also attracted 17.16% of users to participate in the market.
In addition, Binance also announced the most popular features on its platform. Binance Spot leads the list with 25.89% of users rating it as the most popular trading tool. Close behind is Binance Earn, used by 25.34% of users to optimize profits from their cryptocurrency portfolios. The Binance Convert feature ranks third, with 17.33% of users choosing it for its quick and convenient token swap capabilities.
Memecoins become one of the most prominent crypto trends in 2024
As Coin68 reported, both memecoins and AI are among the top emerging trends in the first half of 2024. It is highly likely that these two areas will continue to attract more users in the coming year, especially as memecoins currently occupy nearly 24% of investors' mindshare, according to data from Artemis.
Combined with the current $117 billion market capitalization of the memecoin market, this report shows the tremendous growth potential of the memecoin trend in the coming period.
Memecoin market capitalization statistics. Source: Coingecko (December 19, 2024)
One of the most prominent memecoins in 2024 must be Dogecoin (DOGE), whose spectacular "pump" in November propelled DOGE to surpass USDC, climbing to the 7th position in terms of market capitalization since billionaire Elon Musk publicly mentioned the idea of establishing the "Department of Government Efficiency" (abbreviated as D.O.G.E).
The D.O.G.E plan not only drew attention to Dogecoin but also sparked a surge of interest in "cloned" memecoins based on this idea. The D.O.G.E Token quickly exploded, reaching a market capitalization of over $500 million on November 13.
Although memecoins are considered assets without real value, they still attract a large number of investors due to their accessibility, widespread popularity in popular culture, and strong price fluctuations. These factors often make memecoins the focus of new investment trends in the crypto market.
The year 2024 marked the explosion of memecoins, especially after the memecoin creation platform pump.fun launched on Solana in May 2024. This platform has fueled the memecoin investment wave with a series of billion-dollar memecoins in the past year, such as AI16Z, PNUT, CHILLGUY, and FARTCOIN, quickly attracting attention from the crypto community.
In addition, the 2024 US Presidential election has created a strong growth wave for PolitiFi Tokens. According to statistics, the total market capitalization of PolitiFi Tokens has surpassed $600 million, with an impressive increase of over 782.4% from the beginning of 2024 to August 25.
Here is the English translation: Bit, besides, memecoin also drives strong on-chain activity on blockchains like Solana, or helps Base set a record of more than 8.8 million transactions in early December 2024. The heat from this Layer-1 has then spread to many other blockchains such as TRON, XRP Ledger, and most recently Hyperliquid. However, the rampant pump-and-dump of memecoins, along with the topics that have been gradually distorted and a series of memecoins of famous people that have been continuously pump-and-dump, have caused memecoins to lose a lot of goodwill in the eyes of investors. Even former Binance CEO Changpeng Zhao (CZ) believes that the current memecoins are a bit bizarre and advises the community to return to real values, using blockchain to build real, useful applications. However, the Binance exchange has continuously listed memecoins in 2024 and has been involved in many dramas. Most recently, two memecoins CHEEMS and WHY have plummeted after the announcement of listing on Binance Futures. *Coin68 summary*
