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Solana Meme Coins Outperform Ethereum by 800% YTD

TokenTalk Staff

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Solana Meme Coins Outperform Ethereum by 800% YTD

According to a recent report from market data platform CoinMarketCap, Solana-based meme coins emerged as the frontrunners in the first quarter of the year, outpacing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens.

This shift in popularity indicates a shift in dynamics within the cryptocurrency market, with meme coins is gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).

Solana Ecosystem Dominates Growth Chart

The CoinMarketCap relationship highlights that the Solana ecosystem has consistently been at the top of the growth charts over the past eight months, with over 20 new tokens introduced in Q2 alone.

The Ethereum ecosystem followed closely behind with 14 new tokens, while derivatives and stablecoins saw relatively less growth with 5 and 4 new tokens, respectively. This surge in Solana-based token offerings indicates growing interest in the network and its potential.

In particular, the Solana meme coin ecosystem has gained significant momentum in price performance and popularity since October 2023. While Ethereum remains the dominant blockchain, Solana’s growing prominence suggests a noteworthy trend in the cryptocurrency space.

Interestingly, SOL memes performed significantly better than ETH memes, with an average return of 8,469% compared to Ethereum’s 962%, as seen in the chart below.

SolanaSolana and Ethereum meme coin top winners. Source: CoinMarketCap

While “speculative capital” from other chains poured into Solana, attracted by the explosive gatherings Thanks to tokens like dogwifhat (WIF) and Bonk Inu (BONK), other meme coins have also seen a surge in prices, attracting further attention and capital.

The biggest winners in the meme coin space include the cat characters MEW, POPCAT, and Book of Meme (MEME). These tokens have even outperformed popular ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).

Notably, political memes have also emerged as a popular subcategory, with the leading meme coin MAGA (TRUMP) gaining over 5100% since the beginning of the year, largely due to former President Donald Trump’s vocal support for cryptocurrencies and acceptance of cryptocurrencies for campaign donations.

Ethereum Tops Fee Revenue Chart

Despite Solana’s significant gains, Ethereum continues to dominate the Level 1 (L1) smart contract market, which represents 62.11% of the top L1s. The report highlights that Ethereum’s recent milestone was driven by the SEC’s approval of Ethereum Spot ETFs.

However, Binance Smart Chain (BNB) and Solana have also gained ground, adding $42 billion and $18 billion to their market share among L1 networks. Solana currently leads the way with over 1.6 million daily active addresses, followed by BNB with 1 million active addresses.

In the second quarter, Ethereum saw record gas fees, reaching levels not seen since 2020 due to the growing adoption of Level 2 Solutions and the market excitement around Solana-based meme coins.

Despite accounting for 62% of the market cap among the major L1s, Ethereum accounted for 70% of the daily revenue, generating about $2.7 million. Solana ranked second with about $900,000 in daily revenue.

Second According to Lookonchain, Ethereum led the fee revenue rankings last year with $2.728 billion, followed by Bitcoin with $1.302 billion.

Other notable networks include Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).

SolanaThe 1-D chart shows the price volatility of SOL recorded over the past few days. Source: SOLUSD on TradingView.com

While both platforms have seen success across various financial metrics and growth charts, Solana’s native token, SOL, has performed significantly better than Ethereum’s ETH token.

At the current trading price, SOL is valued at $143.25, up 650% year-to-date. ETH has seen a more modest increase of 68% over the same period and is currently trading at $3,310.

Featured image from DALL-E, chart from TradingView.com

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Donald Trump-Related Crypto Tokens Surge as Former President Survives Assassination Attempt

TokenTalk Staff

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Donald Trump-Related Crypto Tokens Surge as Former President Survives Assassination Attempt

In short

Several cryptocurrency tokens associated with the former US president who was shot earlier today have soared in value as he survived the assassination attempt.

According to more recent sources, the man has reportedly been released from a local hospital and is returning to New Jersey.

The cryptocurrency industry has its controversial moments, and the constant creation of tokens tied to global events is one of them.

The ongoing battle for absolute power in the United States between Republican candidate and former President Donald Trump and the current 46th President, Joe Biden, has allowed developers to create several tokens related to both, whose value is often influenced by the events surrounding them.

Crypto-potato reported before the notable price fluctuations of the largest-cap cryptocurrencies that followed the shooting, which led to impressive gains for BTC, SOL, and others.

However, Trump-related tokens have seen even more significant increases. This is perhaps due to the failed assassination attempt and Trump’s reaction immediately afterward, when he stood up and raised his hands in a rather spectacular manner.

As a result, MAGA (TRUMP) skyrocketed over 30% after the news broke. Despite a slight retracement since then, the token is still up 26%, its market cap has risen to $370 million, and it is currently the 167th largest crypto asset.

Another coin, (Donald Trump – TRUMP2024), created primarily for the ongoing presidential battle, has surged 40% in the same time frame. DONALD TRUMP (DONALD) is another example of developers trying to capitalize on the current craze. So far, it seems to be working, as it has surged 35% on the day.

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Top 3 Undervalued Tokens Growing 10x This Year!

TokenTalk Staff

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Top 3 Undervalued Tokens Growing 10x This Year!

The cryptocurrency market has shown increased price volatility this week, highlighting increased buying and selling pressure in the cryptocurrency space. Additionally, major tokens have successfully retested their important support levels, indicating a potential bullish price action in the near future.

On the other hand, mid-cap and small-cap altcoins have seen the highest gains, indicating growing investor interest in these crypto tokens. Are you considering investing in undervalued small-cap altcoins for the next bull rally?

Read on because in this article we have covered the top 3 altcoins that are currently trading at significant discounts to their all-time highs, but have solid long-term fundamentals.

Serial Number (MDX):

Built on the HECO chain and launched in January 2021, the Mdex project is an Automated Market Making (AMM) exchange protocol. It is decentralized and works on the concept of pooled funds. Specifically, it uses a dual chain and can also operate on the Ethereum network.

TradingView: MDX/USDT

Notably, MDX price has increased by 129.91% in a day and 132.05% in the past week. This highlights a growing bullish sentiment for the altcoin. Furthermore, with a market cap of $75.215 million, it has secured the 410th position.

The technical indicators SMA and RSI have seen a sharp increase, indicating increased buying-selling pressure in the cryptocurrency sector.

Furthermore, Mdex price is currently discounted by over 99% from the previous all-time high of $10.06 and with strong fundamentals, this altcoin could see a price surge in the near future.

Renzo (REZ):

Renzo is a Liquid Staking token and strategy manager on EigenLayer and is based on the Ethereum chain. Offering a higher yield than ETH staking, it is the interface to the EigenLayer ecosystem and AVS protection.

TradingView: REZ/USDT

With a trading price of $0.0658, a circulating supply of 1.15 billion, and a total supply of 10 billion, Renzo price has secured the 409th position with a market cap of $76,430 million.

The SMA indicator is showing a bullish convergence in the 1D time frame, indicating a strong bullish outlook in the cryptocurrency market. The MACD has been steadily rising in the green histogram with its averages showing a positive crossover. This indicates a positive outlook for the REZ price.

Horizon (ZEN):

A zero-knowledge network-enabled blockchain powered by the largest node infrastructure in the industry, the Horizen project is truly unique. Its interoperability is enabled by the Zendoo protocol. Horizon’s native token “ZEN” is a mineable PoW coin and is listed on all major exchanges.

TradingView: ZEN/USDT

ZEN price continues to trade under bullish price action adding 14.91% to its portfolio in the last day and 23.15% in the last week. Furthermore, it is up 53.62% in the last 30 days and has recorded a Year-to-Date (YTD) return of 31.52%.

With a trading price of $11.35, a circulating supply of 15,204,481 tokens, and a maximum supply of 21 million tokens, it has successfully secured the 237th position in the global cryptocurrency ranking with a market capitalization of $179.56 million.

If the market continues to trade with a bullish sentiment, Horizen price will prepare to head towards its all-time high (ATH) in the coming months. However, a bearish price action could push ZEN coin price towards its low of $7.85.

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TokenTalk Staff

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NFTs – Decrypt

Italian: https://news.google.com/./articles/CBMiVGh0dHBzOi8vZGVjcnlwdC5jby8yMzk2OTIvYml0Y29pbi1wcmljZS1jbGltYnMtdHJ1bXAtbWVtZS1jb2lucy1zdXJnZS10cnVtcC1hdHRhY2tlZ NIBWmh0dHBzOi8vZGVjcnlwdC5jby8yMzk2OTIvYml0Y29pbi1wcmljZS1jbGltYnMtdHJ1bXAtbWVtZS1jb2lucy1zdXJnZS10cnVtcC1hdHRhY2tlZD9hbXA9MQ?hl=it-IT&gl=IT&ceid=IT%3Ait

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Crypto: Bitcoin ETFs Herald a Less Febrile Token in the Long Term, Traders Say

TokenTalk Staff

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Crypto: Bitcoin ETFs Herald a Less Febrile Token in the Long Term, Traders Say

Bitcoin began the week with a slump that fueled fears of outflows from dedicated U.S. exchange-traded funds. Instead, dip buyers poured money in, a pattern that some say points to a less volatile token in the long run.

A net $737.5 million was added to the 11 ETFs in the four days through Thursday, stabilizing Bitcoin near $58,000 after a dip to $53,602 on July 5, driven by sell-offs of seized tokens and fears of divestments by creditors of the failed Mt. Gox exchange.

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