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In
the
first
quarter
of
the
year,
Solana-based
meme
coins
have
emerged
as
the
frontrunners,
surpassing
Ethereum’s
meme
coin
ecosystem
and
artificial
intelligence
(AI)
tokens,
according
to
a
recent
report
by
market
data
platform
CoinMarketCap. 

This
shift
in
popularity
signifies
a
change
in
dynamics
within
the
cryptocurrency
market,
with

meme
coins

gaining
traction
and
challenging
previously
dominant
narratives
such
as
smart
contracts,
decentralized
finance
(DeFi),
and
non-fungible
tokens
(NFTs).

Solana
Ecosystem
Dominates
Growth
Chart

The
CoinMarketCap

report

highlights
that
the
Solana
ecosystem
has
consistently
topped
the
growth
chart
for
the
past
eight
months,
with
over
20
new
tokens
introduced
in
Q2
alone. 

Ethereum’s
ecosystem
followed
closely
behind
with
14
new
tokens,
while
Derivatives
and
Stablecoins
witnessed
relatively
lesser
growth
with
5
and
4
new
tokens,
respectively.
This
surge
in
Solana-based
token
offerings
indicates
a
growing
interest
in
the
network
and
its
potential.

Related
Reading

Solana’s
meme
coin
ecosystem,
in
particular,
has
gained
significant
momentum
in

price
performance

and
popularity
since
October
2023.
Although
Ethereum
remains
the
dominant
blockchain,
Solana’s
growing
prominence
suggests
a
noteworthy
trend
in
the
crypto
space.

Interestingly,
SOL
memes
have
significantly
outperformed
ETH
memes,
delivering
an
average
return
of
8,469%
compared
to
962%
for
Ethereum,
as
seen
in
the
chart
below. 

As
“speculative
capital”
from
other
chains
rushed
into
Solana,
attracted
by
the

explosive
rallies

of
tokens
like
dogwifhat
(WIF)
and
Bonk
Inu
(BONK),
more
meme
coins
experienced
price
surges,
attracting
additional
attention
and
capital. 

The
top
winners
in
the
meme
coin
space
include
the
cat
characters
MEW,
POPCAT,
and
Book
of
Meme
(MEME).
These
tokens
have
outperformed
even
the
most
popular
ones
like
WIF,
BONK,
Ethereum’s
Pepe
coin
(PEPE),
and
Shiba
Inu
(SHIB).

Notably,
political
memes
also
emerged
as
a
popular
subcategory,
with
the
leading
MAGA
(TRUMP)
meme
coin
gaining
over
5100%
year-to-date,
largely
due
to
vocal
support
for
crypto
from
former
President
Donald
Trump
and
the
acceptance
of
crypto
for
campaign
donations.

Ethereum
Tops
Fee
Income
Rankings

Despite
Solana’s
significant
gains,
Ethereum
continues
to
dominate
the

Layer
1

(L1)
smart
contracts
market,
representing
62.11%
of
the
major
L1s.
The
report
notes
that
Ethereum’s
recent
milestone
was
propelled
by
the
SEC’s
approval
of
Ethereum
Spot
ETFs. 

However,
Binance
Smart
Chain
(BNB)
and
Solana
have
also
gained
traction,
adding
$42
billion
and
$18
billion
to
their
market
share
among
L1
networks.
Solana
currently
leads
with
over
1.6
million
active
daily
addresses,
followed
by
BNB
with
1
million
active
addresses.

Related
Reading

In
Q2,
Ethereum
experienced
record
low
gas
fees,
reaching
levels
not
seen
since
2020
due
to
the
growing
adoption
of

Layer
2
solutions

and
the
market
excitement
surrounding
Solana-based
meme
coins. 

Despite
representing
62%
of
the
market
cap
among
major
L1s,
Ethereum
accounted
for
70%
of
the
daily
revenue,
generating
approximately
$2.7
million.
Solana
ranked
second
with
around
$900,000
in
daily
revenue.

According

to
Lookonchain,
Ethereum
topped
the
fee
income
rankings
in
the
past
year
with
$2.728
billion,
followed
by
Bitcoin
with
$1.302
billion. 

Other
notable
networks
include
Tron
($459.39
million),
Solana
($241.29
million),
Binance
Smart
Chain
($176.56
million),
Avalanche
($68.83
million),
zkSync
Era
($59.77
million),
Optimism
($40.4
million),
and
Polygon
($23.91
million).

Despite
both
platforms
experiencing
success
in
various
financial
metrics
and
growth
charts,
Solana’s
native
token,
SOL,
has
significantly
outperformed
Ethereum’s
ETH
token. 

As
of
the
current
trading
price,
SOL
is
valued
at
$143.25,
showcasing
a
year-to-date
growth
of
650%.
ETH
has
seen
a
more
modest
surge
of
68%
during
the
same
time
frame,
currently
trading
at
$3,310.

Featured
image
from
DALL-E,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez

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