- Memecoins have been the preferred crypto market class within the first half of 2024
- Solana-based memecoins outperformed its Ethereum counterparts 8X.
Memecoins have been the preferred cryptocurrency class within the first half of 2024. Per the CoinMarketCap (CMC) H1 2024 report, memecoins eclipsed DeFi, NFTs, and sensible contracts.
“Meme Coins accounted for ~23% of page views on CoinMarketCap, with over 25 million in June.”
Supply: CMC
This indicated that memecoins attracted extra market curiosity than different classes.
Curiously, Solana [SOL] primarily based memecoins dominated the area on what the report referred to as “anti-establishment” sentiment in direction of VC-based tokens.
‘In the Solana (SOL) ecosystem, meme coins reign, symbolizing a rush into speculative assets. Retail investors are prioritizing quick gains over VC-backed high FDV projects, indicating an anti-establishment sentiment’
Solana vs. Ethereum: Memecoins efficiency
The huge traction within the Solana ecosystem from memecoins like Dogwifhat [WIF], Bonk [BONK], and GameStop [GME] noticed the community eclipse Ethereum [ETH].
On common, Solana-based memecoins outperformed their Ethereum counterparts by 8X on a year-to-date (YTD) foundation.
“SOL memes outperformed ETH memes significantly, returning an average of 8,469% vs 962% for Ethereum.”
Supply: CoinMarketCap
The report attributed Solana’s huge success and traction to WIF and BONK’s explosive rallies.
“This is likely due to the rush of speculative capital from other chains, attracted by the explosive rallies of WIF and BONK, causing more memes to pump and attracting even more capital and attention.”
Nevertheless, Solana memecoins appear to be off to a tough begin within the second half of 2024, as Bitcoin’s [BTC] price motion weakened.
As of press time, BTC had dropped under $58K, decreasing the market cap of Solana-based memecoins by 18% to $6.32 billion previously 24 hours. WIF and Popcat [POPCAT] have been down double-digits on the day by day entrance.
WIF was down 10% and traded at $1.79, whereas POPCAT was down 17% and exchanged palms at $0.4. The continuing crypto market rout might exert extra promote stress and losses throughout the memecoin section.