Solana Meme Coins Outperform Ethereum by 800% YTD, Q1 Reports Reveal
According to Q1 reports, Solana-based meme coins have outperformed their Ethereum-based counterparts by an astonishing 800% year-to-date (YTD).
Surge in Meme Coin Popularity
The CoinMarketCap 2024 H1 report highlighted meme coins as the most popular asset class, capturing a 22% market share. Over the past eight months, the Solana (SOL) ecosystem has topped the charts, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
Solana Leads the Meme Coin Rally
In the midst of the meme coin rally, the Solana ecosystem holds a 9.64% market share. Solana-based meme coins have remained stable and positive over the past week.
Dogwifhat (WIF) has taken the lead, surging 12.34% in the last 24 hours to become the top meme coin. After a prolonged downturn, its price has increased by 40.17% over the past week.
The report also highlighted that most Solana-based memes, launched in late 2023 or 2024, significantly outperformed their more established Ethereum-based counterparts from 2023. Specifically, Solana memes returned an average of 8,469%, compared to 962% for Ethereum memes. This surge was likely driven by rallies in WIF and BONK, creating a cycle of increased interest and growth.
Billy’s Meteoric Rise
Recently, Billy (BILLY), a Solana-based meme coin launched through Pump.fun, broke past a $100 million market cap, becoming the second-largest token on the platform.
Billy’s journey began in early June when the developer sold all his tokens within 20 minutes. Despite the developer’s sudden exit, the community took over the project, propelling Billy to new heights.
Billy’s market cap fluctuated around $72 million over the weekend, dipped to $60 million at the start of the week, then soared 97% to $117 million by Tuesday. Concurrently, Pump.fun surpassed Ethereum in daily revenue, reaching $2 million on June 30, 2024.
Pump.fun Daily Revenue, Source: Dune Analytics
Celebrity influence may have also boosted Solana meme coins, attracting potential scams targeting celebrity accounts. Recently, hackers compromised 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, highlighting the ongoing challenges of cryptocurrency scams.
Additionally, the Solana meme coin Michi jumped 18% after Ariana Grande shared an Instagram meme featuring the cat Michi and her music video.
Billy has now surpassed the Andrew Tate-endorsed meme coin DADDY, which dropped 1.4% and now holds a market cap of $71 million. This makes Billy the second-largest Pump.fun-launched token, trailing only Michi, which currently boasts a market cap of $130 million.