Solana (SOL) Meme Coins Soar, Dwarf Ethereum 8x as Political Tokens Rise: WIF, BONK and TRUMP in Focus
The first half of 2024 saw a surge in the meme coin market, with Solana meme tokens exceeding Ethereum’s. CoinMarketCap’s H1 2024 report, shared via X by analyst Lark Davis, highlights this trend. According to the data, Solana meme coins have surpassed Ethereum meme coins by an 8-times margin YTD.
The report further shows that meme coins were the hottest category throughout the first half of the year.
What you'll learn 👉
Solana’s Meme Coins Compared to Ethereum’s
The average performance of Solana meme coins was 8,469%, compared to 962% for Ethereum meme coins. This substantial difference is attributed to the influx of speculative capital from other chains.
Moreover, the rallies of coins like WIF, BONK, and other meme coins on the Solana network attracted more investors, leading to further capital inflow and high market activity.
Although there are other Layer 1 and Layer 2 chains with meme currency, Solana and Ethereum have garnered the most interest, activity, and trading volume. Ethereum memes have been around for a longer time; several of them debuted in 2023 or earlier.
In contrast, most Solana memes launched in late 2023 or 2024, explaining the recent surge in performance.
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Emergence of Political Meme Coins
Political memes have emerged as a notable subcategory within the meme coin market. The total market capitalization of political meme coins stands at $784 million out of a total meme coin market cap of $57.7 billion.
Moreover, a factor driving this trend is the vocal support for crypto by political figures, most notably former President Donald Trump.
Trump’s acceptance of crypto donations for his campaign and his support for crypto initiatives have propelled the MAGA (TRUMP) meme coin to gain over 5,100% this year.
As the November US elections approach, crypto is becoming a key topic. Many speculate that political meme coins will continue to gain traction, reflecting broader trends in the crypto market and political discourse.
Conclusion
The CoinMarketCap report underscores how the meme coin market is, with Solana-based meme coins leading in performance compared to their Ethereum counterparts. The rise of political meme coins further highlights the intersection of crypto and politics, suggesting continued growth in this sector.
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