According to Q1 reports, Solana-based meme coins have outperformed their Ethereum-based counterparts by an astonishing 800% year-to-date (YTD).
In the CoinMarketCap 2024 H1 report, meme coins were labeled as the most popular asset class, representing a 22% share of the market. Over the past eight months, the Solana (SOL) ecosystem has led the charts, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
H1 Reports Show Surge in Meme Coin Popularity
Amidst the meme coin rally, the Solana ecosystem holds a 9.64% market share. The meme coins have remained stable and in the green for the past week.
Dogwifhat (WIF), takes the lead as it surged 12.34% in the last 24 hours, becoming the top meme coin. After a prolonged downturn, its price has now increased by 40.17% over the past week.
Top Meme Coins by Market Cap, Source: CoinGecko
Moreover, the report also highlighted the fact that most SOL memes, launched in late 2023 or 2024, outperformed ETH memes, which were more established by 2023. Specifically, SOL memes returned an average of 8,469%, compared to 962% for ETH memes. This surge may have been driven by WIF and BONK rallies, resulting in a cycle of increased interest and growth.
Recently, Billy (BILLY), a Solana-based meme coin, launched through Pump.fun, broke past a $100 million market cap. As a result, It is now the second-largest token on the platform.
The token’s journey began in early June when the developer sold all his tokens within 20 minutes. Despite the developer’s sudden exit, the community took over the project. Their efforts are seen as what helped propel Billy to new heights.
Billy’s market cap fluctuated around $72 million over the weekend. It dipped to $60 million as the week started, then soared 97% to $117 million by Tuesday. On the same note, Pump.fun topped Ethereum in daily revenue, hitting $2 million on June 30, 2024.
Pump.fun Daily Revenue, Source: Dune analytics
Celebrity influence may have also boosted Solana meme coins, attracting potential scams targeting celebrity accounts. Recently, hackers used Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.
The compromised account posted about a fake giveaway and token burn. The fraudulent posts highlight the ongoing challenges of cryptocurrency scams.
Additionally, the Solana meme coin Michi jumped 18% after Ariana Grande shared an Instagram meme featuring the cat Michi and her music video.
Billy has now surpassed the Andrew Tate-endorsed meme coin DADDY, which dropped 1.4% and now holds a market cap of $71 million. This makes Billy the second-largest Pump.fun-launched token, trailing only Michi, which currently boasts a market cap of $130 million.
