Memecoins
Solana Meme Coins Surpass Ethereum by 800% in 2024
Solana-based meme coins significantly outperformed their Ethereum-based counterparts in 2024, generating an average return of 8,469% compared to 962% for Ethereum, according to the “CMC 2024 H1” report.
Solana-based meme coins vs Ethereum-based meme coins, Source: CoinMarketCap
According to reportThe explosive rallies of WIF and BONK on Solana have attracted significant attention and capital from other blockchains, creating a cycle of increased performance and investment in meme coins. While meme coins exist on different blockchains, Solana and Ethereum lead the way in terms of activity and trading volume.
Ethereum meme coins are more well-known because they were mostly introduced in 2023 or earlier. In contrast, most Solana meme coins appeared on the scene in late 2023 or early 2024, capitalizing on the growing interest at the time.
Political meme tokens have become a major subgenre in the $57.7 billion meme coin market, with a market valuation of $784 million. The MAGA meme coin (TRUMP) has increased in value by more than 5,100% this year, largely due to Trump’s open support for cryptocurrencies and his acceptance of crypto contributions to his campaign.
The exceptional performance of Solana-based meme coins underscores a growing shift in speculative investments within the crypto space. This trend not only reshapes the dynamics between different blockchain ecosystems, but also highlights the increasing integration of political narratives within the meme coin market.
As cryptocurrency becomes a hot topic for the upcoming US elections in November, political coins are expected to continue to attract speculative interest, further boosting their market activity and value.
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