Memecoins
BNB Chain vs Solana – How THESE Memecoins Could Cause a Market Reversal!
- Solana and BNB Chain Battle for Market Cap Domination Despite Growing Differences in Network Revenue
- Memecoins could also play a key role in this rivalry
BNB Channel and Solana have been battling it out for most of the past 24 hours. Specifically, the two companies have been battling for market capitalization dominance.
During the aforementioned period, the BNB chain briefly overtook Solana, but the latter quickly regained the 4th position in the ranking. This happened in the market capitalization range of $85.5 billion and $85.7 billion. At the time of going to press, however, BNB had managed to secure the lead again after surpassing $90 billion.
This competition gives us the opportunity to compare the performance of the two networks based on key performance indicators.
For example, Solana transactions have seen healthy growth over the past four weeks. The highest daily transaction count during the same period was 46.83 million transactions on July 24.
Source: DeFiLlama
However, transactions on Solana have declined slightly from their peak, falling to 42.21 million at press time.
As for the BNB chain, transactions have been trending downward on the charts. As a reminder, it peaked at 3.6 million transactions on June 6.
Source: DeFiLlama
Solana also maintained its lead over the BNB chain in terms of total value locked. Its TVL was $5.47 billion at the time of writing, while the BNB chain was slightly behind with a figure of $4.81 billion.
Can BNB Chain Compete in the Memecoin Segment?
Solana has dominated the memecoin market in recent months, seeing increased network activity and fees.
For its part, the BNB chain has taken note of this situation and has stepped up its efforts in the memecoin sector. In fact, it has recently stepped up its efforts to promote its memecoins, including Catcoin and WHY.
The latter in particular has been around since April, with its price taking a parabolic curve since June. It has rallied by almost 1400% in the last 8 weeks. It also hit a new ATH in the last 24 hours.
Source: Dexscreener
Meanwhile, Solana’s leading memecoin, DogWifHat (WIF), has struggled to secure liquidity in recent days.
Can the BNB chain generate enough support for memecoins?
According to AMBCrypto’s analysis, BNB Chain currently has a limited number of memecoins, compared to Solana. This could potentially be a disadvantage in the long run.
Solana has seen an explosion of memecoins in recent months. The same token category has supported its robust network activity, as well as the performance of its native crypto, SOL.
Solana BNB has a clear advantage, which may have contributed to its ability to attract more investment into its ecosystem. The BNB chain still has a chance to catch up in the memecoin space, however. Its success may require a major success in the memecoin segment to draw market attention to its offerings.