2 months ago
In the archetypal 4th of the year, Solana-based meme coins person emerged arsenic the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial quality (AI) tokens, according to a caller study by marketplace information level CoinMarketCap.
This displacement successful popularity signifies a alteration successful dynamics wrong the cryptocurrency market, with meme coins gaining traction and challenging antecedently ascendant narratives specified arsenic astute contracts, decentralized concern (DeFi), and non-fungible tokens (NFTs).
Solana Ecosystem Dominates Growth Chart
The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the maturation illustration for the past 8 months, with implicit 20 caller tokens introduced successful Q2 alone.
Ethereum’s ecosystem followed intimately down with 14 caller tokens, portion Derivatives and Stablecoins witnessed comparatively lesser maturation with 5 and 4 caller tokens, respectively. This surge successful Solana-based token offerings indicates a increasing involvement successful the web and its potential.
Solana’s meme coin ecosystem, successful particular, has gained important momentum successful price show and popularity since October 2023. Although Ethereum remains the ascendant blockchain, Solana’s increasing prominence suggests a noteworthy inclination successful the crypto space.
Interestingly, SOL memes person importantly outperformed ETH memes, delivering an mean instrumentality of 8,469% compared to 962% for Ethereum, arsenic seen successful the illustration below.
Top Solana and Ethereum meme coins winners. Source: CoinMarketCapAs “speculative capital” from different chains rushed into Solana, attracted by the explosive rallies of tokens similar dogwifhat (WIF) and Bonk Inu (BONK), much meme coins experienced terms surges, attracting further attraction and capital.
The apical winners successful the meme coin abstraction see the feline characters MEW, POPCAT, and Book of Meme (MEME). These tokens person outperformed adjacent the astir fashionable ones similar WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).
Notably, governmental memes besides emerged arsenic a fashionable subcategory, with the starring MAGA (TRUMP) meme coin gaining implicit 5100% year-to-date, mostly owed to vocal enactment for crypto from erstwhile President Donald Trump and the acceptance of crypto for run donations.
Ethereum Tops Fee Income Rankings
Despite Solana’s important gains, Ethereum continues to predominate the Layer 1 (L1) astute contracts market, representing 62.11% of the large L1s. The study notes that Ethereum’s caller milestone was propelled by the SEC’s support of Ethereum Spot ETFs.
However, Binance Smart Chain (BNB) and Solana person besides gained traction, adding $42 cardinal and $18 cardinal to their marketplace stock among L1 networks. Solana presently leads with implicit 1.6 cardinal progressive regular addresses, followed by BNB with 1 cardinal progressive addresses.
In Q2, Ethereum experienced grounds debased state fees, reaching levels not seen since 2020 owed to the increasing adoption of Layer 2 solutions and the marketplace excitement surrounding Solana-based meme coins.
Despite representing 62% of the marketplace headdress among large L1s, Ethereum accounted for 70% of the regular revenue, generating astir $2.7 million. Solana ranked 2nd with astir $900,000 successful regular revenue.
According to Lookonchain, Ethereum topped the interest income rankings successful the past twelvemonth with $2.728 billion, followed by Bitcoin with $1.302 billion.
Other notable networks see Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).
Despite some platforms experiencing occurrence successful assorted fiscal metrics and maturation charts, Solana’s autochthonal token, SOL, has importantly outperformed Ethereum’s ETH token.
As of the existent trading price, SOL is valued astatine $143.25, showcasing a year-to-date maturation of 650%. ETH has seen a much humble surge of 68% during the aforesaid clip frame, presently trading astatine $3,310.
Featured representation from DALL-E, illustration from TradingView.com
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