According to CoinMarketCap’s 2024 H1 report, Solana-based meme coins have outperformed Ethereum-based counterparts by an impressive 800% year-to-date (YTD).
This surge has positioned Solana meme coins as a dominant force in the crypto market. Meme coins have become the most popular asset class, representing a 22% market share. The Solana (SOL) ecosystem leads with a 9.64% share, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
Stability and Growth in Solana Meme Coins
The Solana ecosystem has experienced stability and continuous growth over the past eight months. Meme coins within this ecosystem have remained stable and in the green for the past week. Notably, Dogwifhat (WIF) surged 12.34% in the last 24 hours, marking an increase of 40.17% over the past week.
This growth trend is evident as most Solana meme coins launched in late 2023 or 2024 outperformed their Ethereum counterparts, with Solana memes returning an average of 8,469%, compared to 962% for Ethereum memes.
Dogwifhat (WIF) and Bonk (BONK) are among the top-performing Solana-based meme coins, with increases of 1,100% and 6,500%, respectively, over the past year. Another standout is Billy (BILLY), which recently surpassed a $100 million market cap after launching through Pump.fun.
Despite the developer’s sudden exit, the community’s efforts have propelled Billy to new heights. Billy’s market cap fluctuated significantly before soaring 97% to $117 million. Pump.fun also surpassed Ethereum in daily revenue, reaching $2 million on June 30, 2024.
Celebrity Influence and Challenges
Celebrity influence has played a crucial role in the growth of Solana meme coins. For instance, the Solana meme coin Michi saw an 18% increase after Ariana Grande shared an Instagram meme featuring the cat Michi.
However, this influence has also led to challenges, such as the recent hacking of Sydney Sweeney’s official X account to promote a fake Solana-based meme coin. The fraudulent posts aimed to mislead followers with a fake giveaway and token burn, highlighting the ongoing issue of cryptocurrency scams.
Actress Sydney Sweeney’s account was hacked to promote a fraudulent #Solana meme coin called $SWEENEY. Despite clear signs of a scam, the token saw $13.6 million in trading volume within an hour. This incident follows similar celebrity-targeted hacks and highlights ongoing… pic.twitter.com/uQhO14eoWM
— Satoshi Talks (@Satoshi_Talks) July 2, 2024
Political meme coins have also gained traction, with the total market cap of this sector reaching $784 million out of a total meme coin market cap of $57.7 billion. As the November US elections approach, cryptocurrency will be a significant topic.
Former President Donald Trump’s vocal support for crypto has led to the MAGA (TRUMP) meme coin gaining over 5,100% this year. Similarly, the Biden administration has shown a willingness to work with Congress on crypto regulation, reflecting the growing importance of cryptocurrency in political discourse.
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