The Mania for Solanas Memecoin Outperforming Ethereum by 800

Coin World reports:
Solana has overtaken Ethereum in the meme coin domain. Overall activity on the Solana network surged last quarter.
Solana [SOL] is one of the few cryptocurrency networks that achieved significant growth last year. The emergence of meme coins is one of the reasons for Solana’s rapid growth.
Solana Beats Ethereum
A recent report by CoinMarketCap highlighted an important trend in the cryptocurrency market for the first half of 2024.
Meme coins based on Solana experienced an extraordinary growth, with their year-to-date (YTD) performance surpassing their Ethereum counterparts by nearly 800%.
This surge went beyond meme coins, as the Solana ecosystem itself garnered increasing investor attention during this period compared to Ethereum.
While this heightened interest may not directly translate into a corresponding increase in network activity, it signifies a significant shift in investor sentiment.
Since October 2023, the native token SOL and the broader ecosystem, including its meme coin projects, have witnessed a notable rise in value for money and public interest.
This momentum has propelled Solana to the forefront of the cryptocurrency field, solidifying its position as an increasingly prominent competitor.
Despite Ethereum’s current dominance, Solana’s impressive growth cannot be overlooked, indicating that the veteran leader may face challenges in the future.
Solana’s Activity Skyrockets in Q4
Network activity on Solana saw a significant increase in the second quarter of 2024. Transaction fees and revenue grew exponentially, exceeding $26 million, a 42-fold increase year-over-year.
This growth reflects a thriving ecosystem, with SOL’s total transaction volume reaching an astonishing $292 billion, nearly seven times higher than the same period in 2023, further proving this point.
A closer look at network metrics reveals that over 15.3 billion transactions were completed in the second quarter of 2024, including both voting and non-voting activities, indicating a significant improvement in overall network utilization.
Additionally, the total value locked in SOL DeFi protocols soared to $3.4 billion, a tenfold increase year-over-year, suggesting that Solana is becoming increasingly popular in decentralized financial applications.
Solana’s NFT sector also experienced explosive expansion. In the second quarter of 2024, over 98 million new NFTs were minted, a staggering 54-fold increase compared to the previous year.
Read Solana’s [SOL] Price Prediction for 2024-25
This indicates a thriving and vibrant NFT ecosystem within the network.
Notably, the market capitalization of USDC on Solana reached $2.15 billion, accounting for approximately 70% of the total stablecoin market value on the platform.