Bitcoin Search Volume Reaches 1-Year Low

Google Trends data reveals that worldwide search interest for the term “Bitcoin” dropped to a one-year low during the week ending Oct. 12, 2024.

On a scale of 100, the search volume for Bitcoin fell to 17. This is a notable decrease from previous months, despite a 142% rise in ¨BTC’s price over the last year, from around $26,850 to $64,919.

Further, during the same week in 2023, Bitcoin search interest was recorded at 17. The highest level of interest for BTC in recent years occurred in May 2021, when it hit a peak score of 100.

In the United States, Bitcoin search volume also hit low levels. Google Trends registered a score of 16 last week, a decrease from a previous low of 13 in October 2023. The peak of U.S. interest occurred in March 2024, coinciding with Bitcoin nearing its all-time high of nearly $74,000 and U.S. spot Bitcoin exchange-traded funds reaching nearly $10 billion in daily trading volume.

Rising Interest in Memecoins

While Bitcoin search interest has declined, the term “memecoins” has experienced higher search volume. For the same period in October 2024, memecoins scored 77 out of 100, but this remains below the all-time high of 100 reached in October 2023. CryptoQuant CEO Ki Young Ju stated that the memecoin market still sees strong interest and anticipates that the search volume could return to previous highs by the end of October.

Memecoins on the Solana blockchain have gained significant attention. A Solana-focused news outlet, SolanaFloor, reported on Oct. 12, 2024, that the total market capitalization of memecoins on the network surpassed $10 billion, with a 24-hour trading volume of approximately $2.3 billion.

Platforms like Pump.Fun have been key in driving this memecoin activity, offering low transaction fees, fast liquidity, and easy token issuance.

On the Tron network, the SunPump platform, launched by Justin Sun earlier in 2024, has enabled the creation of around 90,000 memecoins since its inception in August.

Search Volumes for Other Crypto Terms

Search volume for other cryptocurrency-related terms, such as “Ethereum” and “crypto,” remained low. Solana reached a peak search volume in May 2024 but dropped to 31 by mid-October, still higher than the 15 recorded in the same period last year. Interest in “NFTs” has remained flat at a low level of 4 to 5 over the past 18 months, while the term “DeFi” has maintained steady search volume in the 30 range since its peak in July 2021.