Memecoins
Solana Meme Coin Surges 800%, Ethereum Lags
According to H1 reporting, Solana-based meme coins have outperformed their Ethereum-based counterparts by an astonishing 800% year-to-date (YTD).
In the CoinMarketCap 2024 H1 report, meme coins were named the most popular asset class, accounting for a 22% market share. Over the past eight months, Solana (GROUND) tops the charts, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
First Half Reports Show Increase in Popularity of Meme Coins
Amidst the rise of meme coins, the Solana ecosystem holds a market share of 9.64%. Meme coins have remained stable and Green since last week.
Dog Hat (WIF)takes the lead by increasing by 12.34% in the last 24 hours, becoming the leading meme currency. After a prolonged decline, its price is now up by 40.17% in the last week.
Learn more: 11 Best Solana Meme Coins To Watch In July 2024
Top meme coins by market cap, source: CoinGecko
In addition, the report also highlighted the fact that most SOL memes, launched in late 2023 or 2024, have outperformed ETH memes, which were more established in 2023. Specifically, SOL memes have returned an average of 8,469%, compared to 962% for ETH memes. This surge may have been fueled by the WIF and BONK rallies, which have led to a cycle of increased interest and growth.
Recently, Billy (BILLY), a Solana-based meme coin launched via Pump.fun, surpassed the $100 mark million market capitalization. As a result, it is now the second largest token on the platform.
The token’s journey began in early June when the developer sold out of all of his tokens in 20 minutes. Despite the developer’s sudden departure, the community took over the project. Their efforts are credited as what helped propel Billy to new heights.
Billy’s market cap hovered around $72 million over the weekend. It dropped to $60 million early in the week, then surged 97% to $117 million on Tuesday. In a similar vein, Pump.fun surpassed Ethereum in daily revenue, struck $2 million as of June 30, 2024.
Celebrity influence may have also boosted Solana meme coins, attracting potential scams targeting celebrity accounts. Recently, hackers used Sydney Sweeney’s official X account to promote a fake meme currency based on Solana.
The compromised account posted a fake giveaway and Token BurningThe fraudulent posts highlight the ongoing challenges of cryptocurrency scams.
Additionally, meme coin Solana Michi jumped 18% after Ariana Grande shared an Instagram meme featuring the cat Michi and her music video.
Learn more: Solana (SOL) Price Prediction 2024/2025/2030
Billy has now passed the same corner approved by Andrew Tate DAD, which fell 1.4% and now has a market cap of $71 million. This makes Billy the second largest token launched by Pump.fun, behind Michi, which currently has a market cap of $130 million.
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