- By 800% year-to-date, Solana meme currencies outperformed Ethereum, growing steadily and steadily.
- With a market share of 22%, meme currencies are led by Solana, which holds a 9.64% percent, followed by Ethereum and AI.
- Dogwifhat had a 12.34% increase, and Billy’s market value surpassed DADDY by 97%.
- Solana-based meme currencies have surpassed their Ethereum-based equivalents by an astounding 800% year-to-date (YTD), according to Q1 statistics.
Memes, with a 22% market share, were identified as the most popular asset type in the CoinMarketCap 2024 H1 report. The Solana (SOL) ecosystem has topped the rankings for the last eight months, followed by Ethereum (ETH) and tokens related to artificial intelligence (AI).
H1 Reports Indicate Increase in Meme Coin Adoption
In the middle of the meme coin uprising, the Solana ecosystem is 9.64% of the market. For the past week, the meme coins have stayed steady and positive.
With a gain of 12.34% in the past day, Dogwifhat (WIF) is now the leading meme coin. Its price has now surged by 40.17% during the last week following a protracted decline.
Furthermore, the paper emphasized that the majority of SOL memes, which were introduced in late 2023 or early 2024, performed better than ETH memes, which had gained greater traction by 2023. In particular, SOLmemes yielded an average return of 8,469% whereas ETH memes yielded an average of 962%. WIF and BONK rallies may have been the catalyst for this upsurge, starting a cycle of rising interest and expansion.
Billy (BILLY), a meme coin rooted in Solana, was just introduced via Pump.fun $100 million in market capitalization, for fun. It is currently the second-largest coin on the network as a result.
Early in June, the token’s adventure started when its creator sold every one of his tokens in under 20 minutes. The project was taken up by the community despite the developer’s abrupt departure. Billy is said to have reached unprecedented heights thanks in part to their efforts.
Over the weekend, Billy’s market capitalization varied by about $72 million. As the week got underway, it was down to $60 million, but by Tuesday, it had risen 97% to $117 million. In related news, on June 30, 2024, Pump.fun surpassed Ethereum in terms of daily revenue, reaching $2 million.
Solana meme coins may have increased due to the impact of celebrities, drawing attention from scammers who target famous accounts. Recently, hackers promoted a phony meme coin with Solana roots using Sydney Sweeney’s official X account.
The hacked account shared information regarding a phony giveaway and token burn. The phony postings draw attention to the persistent difficulties with cryptocurrency fraud.
Furthermore, once Ariana Grande posted an Instagram meme with the cat Michi and her song video, the Solana meme coin Michi increased by 18%.
With a market cap of $71 million, Andrew Tate’s meme currency DADDY lost 1.4%, but Billy has already overtaken it. Billy is now the second-largest token issued by Pump.fun, only behind Michi, which presently has a $130 million market valuation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
