Memecoins
Solana Meme Coins See 800% Year-To-Date Increase
- In the first half of the year, meme coins were the dominant asset class with a 22% market share, led by Solana (SOL), closely followed by Ethereum (ETH) and AI tokens.
- Billy (BILLY), a Solana-based meme coin launched via Pump.fun, has skyrocketed to become the platform’s second-largest token, with a market cap of over $100 million.
According to Q1 reports, meme coins on the Solana blockchain have surged an impressive 800% year-to-date (YTD), far outpacing their Ethereum-based counterparts.
CoinMarketCap’s 2024 H1 report identifies meme coins as the most popular asset class, capturing 22% of the market share. Over the past eight months, the Solana (SOL) ecosystem has dominated the rankings, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
Solana ecosystem holds a 9.64% market share in this meme coin rally. Meme coins have shown stability and gains over the past week.
Dogwifhat (WIF) leads the charge, rising 12.34% in the last 24 hours to become the top meme coin. After a prolonged decline, its price is now up 40.17% in the last week, according to Crypto News Flash relationship.
Additionally, the report noted that most Solana-based meme coins launched in late 2023 or 2024 have significantly outperformed their more established Ethereum counterparts. In particular, Solana memes have delivered an average return of 8,469%, compared to 962% for Ethereum memes. This impressive surge has likely been fueled by rallies in coins like WIF and BONK, creating a cycle of increased interest and growth.
Solana-based memecoins have made huge strides recently. Solana Blockchain has also become a favorite destination for new meme coin launches. Earlier this week, Solana-based memecoin project Pandiana secured $500,000 in pre-seed funding from Web3 angel investors AlphaEquity Capital, YNK Capital, and Gateron Ventures, according to Crypto News Flash relationship.
Solana Meme Coin Billy Surpasses $100 Million Market Cap
In a remarkable feat, Billy (BILLY), a Solana-based meme coin launched via Pump.fun, has grown to become the second-largest token on the platform, surpassing a market cap of $100 million.
Billy’s journey began in early June when his developer quickly sold out all of his tokens in just 20 minutes. Despite the developer’s sudden exit, the community rallied behind the project, significantly contributing to its rapid rise.
Over the past weekend, Billy’s market cap hovered around $72 million, seeing a slight dip to $60 million at the start of the week. However, on Tuesday, it surged by an impressive 97% to reach $117 million. With its meteoric rise, Billy has now surpassed Andrew Tate-backed meme coin DADDY, which saw a slight dip of 1.4%, now holding a market cap of $71 million. This result solidifies Billy’s position as the second-largest token launched on Pump.fun, trailing only Michi, which currently boasts a market cap of $130 million.
At the same time, Pump.fun reached a major milestone by surpassing Ethereum in daily revenue, reaching $2 million on June 30, 2024.
Celebrity influence has also helped boost Solana meme coins, though it has also attracted potential scams targeting celebrity accounts. Hackers recently exploited Sydney Sweeney’s official X account to promote a fraudulent Solana meme coin, falsely advertising a giveaway and token burn. Such incidents underscore the persistent challenges posed by cryptocurrency scams.
In another case of celebrity impact, Solana Michi’s meme currency saw an 18% increase after Ariana Grande shared a meme on Instagram featuring Michi the cat along with her music video.
Solana’s native cryptocurrency, SOL, is currently the fifth largest cryptocurrency by market cap. Its price is currently down 3% at $143 and its market cap is $66 billion.
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