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When examining reports from the first quarter of the cryptocurrency world, it was evident that Solana-based meme coins performed better than ETH-based meme coins by a significant margin. This performance difference reached up to 800% year-to-date (YTD). The first-quarter report of 2024 from CoinMarketCap revealed that meme coins represented 22% of the overall market, positioning them uniquely. Over the past eight months, the Solana (SOL) ecosystem, especially after events in March, remained at the top, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.
First Quarter Reports
Amid the rally in meme coins, the Solana ecosystem captured a notable 9.64% market share. The review of meme coins showed a dominant positive outlook over the past week.
Dogwifhat (WIF) saw a noticeable increase in the last 24 hours, moving against the market trend. The general 24-hour price movements in the meme coin market indicated an overall decline.
On the other hand, the published report revealed a price movement contrary to the past. Unlike the dominance of Ethereum meme coins in 2023 and earlier, many SOL meme coins that entered the market in 2024 performed better.
Specifically, SOL meme coins appeared to achieve a massive gain of 8,469% compared to 962% for ETH meme coins. This rise was largely driven by rallies centered around WIF and BONK.
Meme Coins and Pump.fun
Meanwhile, Solana-based meme coins launched through Pump.fun seemed to experience a huge volume frenzy in the market. One of these, Billy (BILLY), reached a massive volume of $100 million, making it Pump.fun’s second-largest meme coin.
Billy’s market value was seen at $72 million over the past 7 days. At the beginning of the week, it dropped to $60 million. Following a massive surge on Tuesday, it increased to $117 million.
On the other hand, the celebrity-based meme coin trend in the Solana ecosystem also appeared to attract scammers. Recently, scammers promoted a Solana-based meme coin through the official X account of famous actress Sydney Sweeney.
Additionally, the meme coin Michi on the Solana network increased by 18% after Ariana Grande posted about her cat Michi and a music video on Instagram.
