Solana meme coins are rising in dominance, challenging those built on Ethereum and even the first of them all, Dogecoin. Although Dogecoin is very valuable, it is increasingly facing tough competition from Pepe and Shiba Inu.
However, developers have been making thousands of meme coins in the risky chain over the past year, especially after Solana recovered to around $20 in Q4 2023.
Solana Meme Coins Rise, Market Cap Exceeds $11 Billion
According to Coingecko data, the total market of all meme coins in Solana is about 11 billion dollars as of mid-October 2024. This estimate has increased by 5% in the past day alone.
DogWifHat (WIF) is the most valuable in the Solana ecosystem, with a market cap of over $2.8 billion. To put the numbers in, it is up about 8% in the last trading week and up 3% in 24 hours.
Other notable meme coins that dominate Solana include Bonk and Popcat. These tokens are among the best players in 2024, and their market capitalization is over $1 billion.
They are among only eight coins with a market cap exceeding $1 billion. Others include Brett, a meme coin to Base, Pepe, and Floki.
It is interesting that Neiro on Ethereum starts to increase, entering its position in the top 10, replacing BOME. NEIRO has a market capitalization of over $839 million at press time.
Cardano Enables More ADA, What’s Next?
The rapid expansion of meme coins on Solana means they are closing the gap with Cardano. At press time, ADA is changing hands at about $0.35 and is down by the market level as low as eleven. According to CoinMarketCap, ADA has a market capitalization of 12.4 billion and remains under pressure.
On October 14, Cardano will open 18.53 million ADA. According to Token Unlocks, the platform has released more than 85% of all ADA to investors, team members, and other stakeholders. While this is bullish, any token launch event is considered bearish, given the expected increase in supply.
At the time of writing, the ADA is down nearly 60% from its March high. As prices converge, the coin is supported around $0.30 while resistance is at $0.40.
Any break below local support could see the ADA print a new 2024 low, piling more pressure on the coin. This development, assuming Solana expands, could see meme coins circumvent the ADA.
Featured image from Canva, chart from TradingView
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