CoinBureau News:
Original source: Niugulu Yao
According to the first-quarter report, year-to-date (YTD) performance of Solana-based meme coins has surpassed Ethereum-based meme coins by an astounding 800%.
In CoinMarketCap’s H1 2024 report, meme coins were listed as the most popular asset category, accounting for 22% of market share. Over the past eight months, the Solana (SOL) ecosystem has been leading, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
H1 report shows Meme Coin popularity surge
In the backdrop of meme coin surge, the Solana ecosystem captured a 9.64% market share. Over the past week, meme coins have been stable and trending upwards. Dogwifhat (WIF) led the way, surging 12.34% in the last 24 hours, becoming the top meme coin. After a prolonged slump, its price has risen by 40.17% over the past week.
Additionally, the report highlighted that most SOL memes launched at the end of 2023 or in 2024 outperformed ETH memes, which had been more mature before 2023. Specifically, the average return for SOL memes was 8,469%, compared to 962% for ETH memes. This surge might have been driven by rebounds in WIF and BONK, leading to a cycle of interest and growth.
Recently, the Solana-based meme token Billy (BILLY), launched through Pump.fun, surpassed a $100 million market cap. It is now the second-largest token on the platform.
The token’s journey began in early June, when developers sold all tokens within 20 minutes. Despite the developers’ sudden exit, the community took over the project. Their efforts were seen as a factor in pushing Billy to new heights.
Over the weekend, Billy’s market cap fluctuated around $72 million. Earlier this week, the figure dropped to $60 million, then soared 97% to $117 million by Tuesday. Meanwhile, Pump.fun’s daily revenue surpassed Ethereum’s, reaching $2 million on June 30, 2024.
Celebrity influence might have also driven the development of Solana meme coins, attracting potential scams targeting celebrity accounts. Recently, hackers exploited Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.
The stolen account posted about fake giveaways and token burns. These fraudulent posts highlight the ongoing challenges of cryptocurrency scams.
Moreover, after Ariana Grande shared an Instagram meme featuring cat Michi and her music video, Solana meme coin Michi rose by 18%.
Billy has now overtaken the meme token DADDY, endorsed by Andrew Tate, which fell by 1.4%, with a current market cap of $71 million. This makes Billy the second-largest token launched on Pump.fun, second only to Michi, which currently has a market cap of $130 million.
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