Solana-based meme coins outperformed Ethereum counterparts in 2024
Meme coins on the Solana blockchain have far surpassed their Ethereum-based rivals in performance, achieving an average increase of 8,469% versus the 962% increase seen by Ethereum meme coins as of this year. The “CMC 2024 H1” report emphasizes the influx of speculative investment into the Solana network, underpinning this disparity.
The remarkable surges in the value of WIF and BONK tokens on Solana have garnered significant interest and financial inflow from various cryptocurrency communities, perpetuating a cycle of improved performance for meme tokens on this platform and attracting more investors. Solana and Ethereum have been at the forefront concerning the vibrancy and volume of meme token trading and activities.
While Ethereum-based meme coins, primarily introduced in 2023 or earlier, boast a longer history, Solana’s meme coins mostly burst onto the scene in late 2023 or during 2024, seizing the momentum of the growing fascination around them.
Political meme coins, in particular, have carved out a niche for themselves, amassing a combined market value of $784 million within the broader $57.7 billion market for meme cryptocurrencies. The MAGA (TRUMP) token notably skyrocketed by over 5,100% this year, driven by Donald Trump's outspoken advocacy for cryptocurrency and his campaign's acceptance of donations in crypto.
In the lead-up to the US elections in November, the buzz around political meme tokens is expected to rise, with the CoinMarketCap report highlighting their potential to draw speculative investments continuously.
