Solana-based dogwifhat (WIF) and Bonk (BONK) increased by 1100% and 6,500% in the past year.
Meme coins’ popularity has skyrocketed in the first half of 2024, with the Solana ecosystem accounting for 9.64% of the market. According to the CoinMarketCap 2024 H1 report, Solana-based meme tokens have beaten Ethereum-based rivals by over 800% year to date.
2024 has cemented meme coins as the most popular asset class, capturing a 22% share of the market. They surpassed previously dominant narratives such as Smart Contracts, DeFi, and NFTs.
Among these, the Solana (SOL) ecosystem’s memes have become the most popular. The report also underscored that most Solana-based meme coins launched in late 2023 or 2024 have outperformed their Ethereum-based counterparts, which had been more established by 2023.
As per the data, these coins have remained stable and shown consistent growth over the whole first half of 2024. Solana memes have returned an average of 8,469%, compared to 962% for Ethereum memes. Leading the pack are dogwifhat (WIF) and Bonk (BONK), which increased by 1100% and 6,500% in the past year.
Another standout in the Solana meme token space is Billy (BILLY). The token recently achieved a $100 million market cap after being launched through Pump.fun. Interestingly, in June, the developer sold all his tokens within 20 minutes. However, despite this abrupt exit, the community rallied to take over the project. Its price has quadrupled since then.
Celebrities have also played a major role in growing Solana meme coins. The Solana meme coin Michi saw an 18% jump after singer Ariana Grande shared an Instagram meme featuring the cat Michi and her music video.
However, there have been some negative consequences due to the involvement of influencers. Recently, hackers used actress Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.
Political Meme Coins Gain Traction
In a related development, the report highlights the emergence of political meme coins as a popular subcategory. The total market cap of this sector stands at $784 million out of a total meme coin market cap of $57.7 billion.
As the November US elections approach, crypto is expected to be a significant topic. Former President Donald Trump has recently shown vocal support for crypto and accepted crypto for campaign donations. This has led to the MAGA (TRUMP) meme coin gaining over 5,100% so far this year.
On the other hand, the Biden administration has also shifted its stance. It has adopted a fresh willingness to work with Congress on crypto regulation.
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