This year, memecoins on the Solana blockchain have outperformed their Ethereum-based counterparts by 800%. They’re still memecoins, tbh.
Lottery tickets
In the first half of 2024, memecoins became the most popular asset class, making up 22% of the cryptomarket as per CoinMarketCap’s new, H1 report.
Solana’s ecosystem has taken the lead in this trend, followed by Ethereum and AI tokens.
Solana is the king on this hill, memecoins hold a 9.64% market share, remaining stable and profitable over the past week. This may change as new buyers’ flow stop.
Dogwifhat, the WIF emerged as the top memecoin, surging 12.34% in a single day last week and increasing by 40.17% over the whole week after a long period of decline.
Numbers shows memecoins on the Solana network, many of which launched in late 2023 or 2024, have outperformed big time those on Ethereum.
Solana memes yielded an average return of 8,469%, compared to 962% for Ethereum memes, driven by rallies in coins like WIF and BONK. the only problem is there are thousands of projects, and only a handful attract enough buyers.
All the holders of others got nothing but losses. Memecoins are fun and games til there is a new buyer.
Many call this as the game of bigger fools, maybe not by coincidence. Few wins, yes. But majority lose.
Community craze case study
The success of Solana-based memecoin BILLY showcasing the potential for community-driven projects.
Launched through Pump.fun, Billy quickly surpassed a $100 million market cap, becoming the second-largest token on the platform.
In the beginning the developer sold all tokens within 20 minutes, but the community’s takeover fueled Billy’s remarkable rise, and over the last weekend, Billy’s market cap hovered around $72 million, dipped to $60 million at the week’s start, then soared 97% to $117 million by Tuesday.
Celebrities as financial experts, come on
Celebrity influence also played a huge role in boosting Solana memecoins, but it has attracted scams too, targeting famous personalities.
In the last week, hackers compromised Sydney Sweeney’s official X account to promote a fake Solana-based memecoin, posting about a bogus giveaway and token burn. It was nothing but a pump-and-dump sheme.
Another one from last week was the Michi, which saw an 18% increase after Ariana Grande shared an Instagram meme featuring Michi and her music video.
Billy also overtaken the Andrew Tate-endorsed meme coin DADDY, which fell 1.4% to a $71 million market cap.
This makes Billy the second-largest token launched on Pump.fun, just behind Michi, which boasts a $130 million market cap.
