The latest H1 reports have it that Solana-based meme coins have outpaced their Ethereum-based buddies by a staggering 800% year-to-date.
Related: How Solana Performed This Week?
Welcome to HODL FM. Let us find out why memes on Solana are not just for laughs—but for the profit.
Meanwhile, Ethereum-based meme coins are left scratching their heads, wondering why their numbers are falling apart. Perhaps they should have added more DOGE.
The CoinMarketCap 2024 H1 report indicates meme coins have shockingly become the market's favorite asset class, snagging a 22% share.
Apparently, folks are investing in jokes.
Solana Memecoins Led The Way Followed by ETH and AI Meme coins
Over the past eight months, the Solana (SOL) ecosystem has topped the charts, proving that even memes need a lightning fast blockchain that can handle 10,000 transactions per second.
Trailing behind, trying to catch up, are Ethereum (ETH) and artificial intelligence (AI) tokens. Because nothing says "cutting-edge technology" quite like programmable smart contracts on a layer 1 or meme about superintelligent tech.
Memecoins on the Solana ecosystem are proudly clinging to a 9.64% market share. Amazingly, these meme coins have stayed stable and in the green for the past week. It's almost as if the market has found the “greenest” patch of pasture.
Dogwifhat jumped 40.17% In 7-days
After a painfully long nap, Dogwifhat (WIF)price miraculously jumped by 40.17% over the past week and gained 12.34% in the last 24 hours, thereby becoming one of the most prestigious meme coins across the overall memecoin ecosystem.
Furthermore, the report pointed out that most SOL memes, those late bloomers from 2023 and 2024, completely embarrassed their elder ETH meme siblings by boasting a staggering average return of 8,469%, leaving ETH memes with a measly 962% in the dust.
Apparently, WIF and BONK rallies sparked this surge, creating a snowball effect of not only interest but also growth. Because, as we all know, nothing drives traction in the cryptoverse like a good dog meme, even if it wears a hat.
BILLY is the Highest Grossing Meme coin on Pump.fun
Recently, Billy (BILLY), a Solana-based meme coin launched through Pump.fun, hilariously smashed through the $100 million market cap. That's right, folks, a coin named Billy is now the second-largest token on Pump.fun, which recently crossed the $50 million revenue mark this week.
The token's journey began in early June when the developer sold all his tokens within 20 minutes. Despite the developer's Houdini-style exit, the community swooped in and took over the project. The community’s deux-ex-machina tireless input helped push Billy to new heights.
Billy’s market cap danced around $72 million over the weekend, taking a graceful dip to $60 million as the week kicked off, only to launch itself 97% northwards to $117 million by Tuesday. Meanwhile, Pump.fun decided to one-up Ethereum in daily revenue, raking in a cool $2 million on June 30, 2024.
Celebrity Impact on the Meme coin Craze
Celebrity influence also had a hand in boosting Solana meme coins. Case in point: Michi, a SOL-based memecoin leaped 18% after Ariana Grande posted an Instagram meme featuring her music video and the popular cat Michi.
Related: Iggy Azalea Announces $MOTHER Tokens Could Soon Pay for Phones and Telephone Services
Meanwhile, Billy has overtaken the Andrew Tate-endorsed meme coin DADDY, which sulked its way down 1.4% to a market cap of $71 million. With that, Billy is now the second-largest token to launch on Pump.fun, followed by Michi, which currently has a market cap of $130 million.
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