This week in crypto, we’re looking at three major developments shaping the cryptocurrency world. First, memecoins have dominated 2024’s crypto trends, capturing a significant portion of investor attention. Meanwhile, El Salvador continues to make bold moves in Bitcoin adoption, surpassing 6,000 BTC in holdings worth over $550 million. Finally, Australia is making waves in the Bitcoin ATM market with a 29-month streak of growth, placing it among the top three countries globally for crypto ATMs. Let’s dive into the details of these stories!
Quick Look at This Week’s Stories
- Memecoins Top 2024 Crypto Trends: Nearly one-third of investor interest this year went to memecoins like Dogecoin and Shiba Inu, showcasing their speculative appeal.
- El Salvador’s Bitcoin Bet Pays Off: The country now holds over 6,000 BTC, valued at $550 million, solidifying its position as a leader in Bitcoin adoption.
- Australia’s Bitcoin ATM Boom: With 1,359 machines and counting, Australia is closing in on Europe’s total, marking 29 consecutive months of growth.
Memecoins Lead the Pack as 2024’s Most Popular Crypto Trend
In 2024, memecoins became the hottest trend in cryptocurrency, with nearly one-third of crypto investors focusing on these highly speculative tokens, according to a report by CoinGecko. Tokens like Dogecoin and Shiba Inu led the way, helping the total market cap of memecoins reach $113.2 billion. Solana-based memecoins and those on Coinbase’s Base blockchain also gained attention, while niche categories like AI-themed and cat-themed coins drew smaller but notable interest. While some investors made quick profits, memecoins are very risky, often tied to short-term price swings and potential scams.
Cryptos tied to artificial intelligence were the second most popular trend, making up about 13% of investor interest, a slight increase from last year. AI crypto’s growth included projects like AI agents—programs that can automatically promote tokens, such as the memecoin GOAT, which saw its value skyrocket to $1.3 billion. Despite the excitement, AI-related tokens remain a smaller part of the overall crypto market, valued at $44.8 billion. To learn more about memecoins and their impact, check out our blog “What is a Memecoin?“ for a detailed guide.
El Salvador Now Holds Over 6,000 Bitcoin, Valued at $550 Million
El Salvador has joined an exclusive group of nations, including the United States, China, and the United Kingdom, by holding over 6,000 Bitcoin (BTC), currently valued at around $550 million. The country’s latest purchase of one Bitcoin on December 29 brought its total holdings to 6,000.77 BTC, acquired at an average price of $45,450. Under President Nayib Bukele, El Salvador has embraced Bitcoin as a treasury asset and became the first country to adopt it as legal tender in 2021. So far, the nation has seen a 108% gain on its Bitcoin investment, according to tracking data.
El Salvador is making this bold move because it sees Bitcoin as a way to boost its economy and attract investment. By adopting Bitcoin, the government hopes to provide more people with access to financial services, especially those without traditional bank accounts, and position the country as a global leader in cryptocurrency. The strategy also aims to promote innovation and bring international attention to El Salvador. Despite criticism from organizations like the International Monetary Fund (IMF), the government plans to keep buying Bitcoin, betting on its long-term value as a key part of the nation’s financial future.
Australia Adds Bitcoin ATMs for 29 Straight Months, Nears Europe’s Total
Australia has maintained an impressive 29-month streak of adding Bitcoin ATMs, with the country now hosting 1,359 machines. This makes up about 3.5% of the global total of 38,753 Bitcoin ATMs, according to data from Coin ATM Radar. While the percentage may seem small, Australia ranks third globally in the number of Bitcoin ATMs, trailing only the United States and Canada. Its current network is nearing the size of Europe’s, which has 1,660 machines, setting Australia on track to potentially claim the third-largest Bitcoin ATM network in the world.
Globally, the U.S. dominates the Bitcoin ATM market with 31,516 machines, accounting for 81.3% of the total, followed by Canada with 3,027 ATMs (7.8%). Together, these North American countries represent over 90% of the global Bitcoin ATM presence. In contrast, Europe and Oceania each account for about 4%, while Asia hosts just 0.9%. Australia’s consistent growth highlights its increasing role in the cryptocurrency ecosystem.
