According to Q1 reports, meme coins on the Solana blockchain have surged by an impressive 800% year-to-date (YTD), significantly outpacing their Ethereum-based equivalents.

The CoinMarketCap 2024 H1 report identifies meme coins as the most popular asset class, capturing 22% of the market share. Over the past eight months, Solana’s (SOL) ecosystem has dominated the charts, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.

Solana’s ecosystem commands a 9.64% market share within this meme coin rally. The meme coins have shown stability and gains over the past week.

Dogwifhat (WIF) leads the charge, which soared 12.34% in the last 24 hours, making it the top meme coin. After a prolonged downturn, its price has now increased by 40.17% over the past week, per the Crypto News Flash report.

Additionally, the report underscored that most Solana-based meme coins, launched in late 2023 or 2024, have significantly outperformed their more established Ethereum counterparts. Specifically, Solana memes delivered an average return of 8,469%, compared to 962% for Ethereum memes. This impressive surge was likely fueled by rallies in coins like WIF and BONK, creating a cycle of heightened interest and growth.

Solana-based memecoins have been making massive progress recently. The Solana blockchain has also become the preferred 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 such as AlphaEquity Capital, YNK Capital, and Gateron Ventures, per the crypto News Flash report.

Solana Meme Coin Billy Surpasses $100 Million Market Cap

In a remarkable feat, Billy (BILLY), a Solana-based meme coin launched through Pump.fun, has surged to become the second-largest token on the platform, exceeding a $100 million market cap.

Billy’s journey began in early June when its developer swiftly sold all tokens within just 20 minutes. Despite the developer’s sudden exit, the community rallied behind the project, contributing significantly to its rapid ascent.

Over the past weekend, Billy’s market cap hovered around $72 million, experiencing a slight dip to $60 million at the beginning of the week. However, by Tuesday, it surged by an impressive 97% to reach $117 million. With its meteoric rise, Billy has now surpassed the Andrew Tate-endorsed meme coin DADDY, which experienced a slight decline of 1.4%, now holding a market cap of $71 million. This achievement 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.

Simultaneously, Pump.fun achieved a notable milestone by surpassing Ethereum in daily revenue, achieving $2 million on June 30, 2024.

Celebrity influence has also helped boost Solana meme coins, although it has attracted potential scams targeting celebrity accounts. Recently, hackers exploited Sydney Sweeney’s official X account to promote a fraudulent Solana-based meme coin, falsely advertising a giveaway and token burn. Such incidents underscore the persistent challenges posed by cryptocurrency scams.

In another instance of celebrity impact, Solana meme coin Michi saw an 18% increase after Ariana Grande shared an Instagram meme featuring the cat Michi alongside her music video.

Solana’s native cryptocurrency, SOL, is currently the fifth-largest cryptocurrency by market cap. Its price is currently trading 3% down at $143, and its market cap is $66 billion.

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