According to the Q1 report, Solana-based meme coins have surpassed Ethereum-based meme coins with a staggering 800% year-to-date (YTD) gain.
In H1 2024 report According to CoinMarketCap, meme coins are ranked as the most popular asset class, accounting for 22% of the market. Over the past eight months, the Solana (SOL) ecosystem has topped the charts, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
H1 Report Shows Rise in Popularity of Meme Coins
Amidst the meme coin craze, the Solana ecosystem accounts for 9.64% of the market share. Meme coins have remained stable and growing over the past week.
Dogwifhat (WIF) leads the way with a 12.34% increase in the past 24 hours, becoming the top meme coin. After a long period of decline, its price has increased by 40.17% in the past week.
Top Meme Coins by Market Cap | Source: CoinGecko
Furthermore, the report states that most SOL meme coins, launched in late 2023 or 2024, have outperformed ETH meme coins, which were launched from 2023. Specifically, SOL meme coins have returned an average of 8,469%, compared to 962% for ETH meme coins. This growth may have been fueled by the WIF and BONK booms, leading to a bull cycle.
Recently, Billy (BILLY), a Solana-based meme coin launched through Pump.fun, surpassed the $100 million market cap mark. 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 all of the tokens in 20 minutes. Despite the developer’s abrupt exit, the community took over the project. Their efforts are seen as the driving force that helped Billy reach new heights.
Billy’s market cap hovered around $72 million over the weekend. It dropped to $60 million as the week began, then surged 97% to $117 million on Tuesday. Meanwhile, Pump.fun surpassed Ethereum in daily turnover, hitting $2 million by June 30, 2024.
Pump.fun Daily Revenue | Source: Dune analytics
Celebrity influence may also have fueled Solana coin memes, attracting potential scams targeting celebrity accounts. Hackers recently used Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.
The compromised account posted about a fake giveaway and token burn. These fraudulent posts highlight the challenges of ongoing cryptocurrency scams.
Additionally, meme coin Solana Michi surged 18% after Ariana Grande shared a meme on Instagram featuring her cat Michi and her music video.
Billy has now surpassed the Andrew Tate-backed meme coin DADDY, which is down 1.4% and now has a market cap of $71 million. This makes Billy the second-largest token launched by Pump.fun, behind only Michi, which currently has a market cap of $130 million.
You can see coin prices here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any investment decisions. We are not responsible for your investment decisions.
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According to Beincrypto
