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ThecoinrepublicBlogIs Promoting MEME For Protocols Better Than...
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Is Promoting MEME For Protocols Better Than The Utility: AN Insight Of Solana Memeverse

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Memecoins have become a major component of the crypto market since 2021. Leading coins like DOGE and SHIB are not only market leaders but have also paved the way for new meme coins. The memecoin mania was fueled by speculative investments, volatility, and enthusiastic communities.

Dogecoin and Shiba illustrate how an internet meme can evolve into a community-driven movement, with supporters deeply invested in both the meme and the currency. Despite not reaching its “DOGE to $1” target, Elon Musk’s playful support and his decision to accept DOGE for Tesla purchases significantly raised its profile.

Source: Dogeprice By Coinmarketcap

The meme coin market has grown to include various themes beyond dogs, as cat-themed coins have been seen recently outperforming others. This change highlights the dynamic nature and growing diversity of the memecoin ecosystem.

Source: CoinMarketCap

In the past few years, the development of more sophisticated L1 and L2 ecosystems has been notable, with a surge of Memespace in their ecosystem. One of the protocols called Base has attracted considerable attention by meme coins like DEGEN, which reached a market cap of $800 Million within a few weeks. DEGEN is currently trading below its initial ICO level.

Memecoins have alos shown exponential growth in comparison to other categories. As of now, this category has a market cap of $49.2 Billion with more than 1000 coins listed. In Q1 2024 Memecoins gave a return of 1312% while the average return of RWA and AI was 250%. Ethereum and Solana were some of the biggest blockchains that showed a surge in this category.

An Peep Inside the Solana Memeverse

Solana is one of the primary blockchains for meme coins as of 2024. Its low-fee environment lowers the barriers for users seeking to create and trade meme coins. The end of 2023 marked an inflexion point for the presence of memes on the chain. Solana saw about an average of 9,000 new tokens per day from August to November of 2023, while reaching the peak of 28000 in 2024. The abundance of meme culture on Solana enables it to act as a representation for the overall creation of meme coins in the cryptocurrency sphere, even though not all tokens on the platform are meme coins.

Solana Meme Market cap is currently at $5.4 Billion with more than 200 coins in its ecosystem. WIF, BONK, MEW, and POPCAT are some of the popular coins of the Solana memeverse with a market cap of more than $100 Million. The top 30 meme coins on Solana have recorded an average decline of 20% in the last seven days.

Source: Solana Midcap volume By Dune

Solana meme coins have been seeing a strong surge in the overall volume. GME, MOTHER, PEPE, and BILLY are some of the coins which saw more than $10 Million on the DEX. If we look at the small-cap coins then the overall volume of projects like NCAT and Devin has been seeing more than $1 Million from the DEX like Orca and Jupiter.

Source: Buy/sell ratio of Memecoins By Dune

If we look at some of the top meme coins of Solana like PUP, Myro and USA, then the ratio of buyers and sellers in the last 30 days remained near 1.1. HAMMY and Wasm tokens have seen an average flow of $30 Million while the others like WIF and BOME had a negative flow in the last 7 days.

How is Solana Top Memecoins Performing?

Solana’s biggest meme coins include WIF, BONK, MEW, and BOME. Let’s see these coins individually based on their on-chain Metrics

Source: WIF liquidity by Step Finance

WIF: WIF has a market cap of $1.8 Billion with a total supply of 998.91 Million. The current holders of the WIF are growing exponentially and are near 157,221. The total visible nodes of the token are 197 with a strong surge of volume from the Jupiter exchange. The WIF/WSOL of the Orca pool has the highest liquidity of the token. It has gained over 1000% year to date surpassing others.

MEME

Source: BONK liquidity by Stepfinance

BONK: BONK has a market cap of $1.33 Billion with a total supply of 93019 Billion. The current holders of BONK have reached 734k. Meanwhile, the volume of the token has seen a significant decline from the highs of $5 Billion to $557 Million in the past week. WSOL/BONK pool on Orca has the highest liquidity with $2.7 Billion

MEME

Source: Bome volume by alpha.vybenetwork

BOME: BOME has a market cap of $663 Million with a total supply of 68.9 Billion. It has a total of 81787 holders which has been stagnant for the last one week. The volume declined sharply from the high of $2.65 Billion to $65 Million on the DEX trades. The major liquidity of the token price has been concentrated with the Jupiter exchange.

MEME

Source: Mew holders by alpha.vybenetwork

MEW: It is one of the most popular memecoin on Solana with a market cap of $338 Million. It has a total of 182,627 holders which decreased from 189k. The overall volume of the token price peaked at $191 Million on June 7th and has been on a decline ever since. The token has been seeing a constant decline in on-chain activity from the start of this month.

Solana’s top meme coins have been seeing a constant decline in the overall volume and on-chain activity. The majority of liquidity of these tokens is concentrated in some of the pools.

Is the Solana Memecoin Frenzy Slowing Down?

Solana is home to many memecoins. Some of the major memecoins of this ecosystem have started dwindling. The overall meme tokens has declined in the overall volume on various DEX. Once the meme coin saga slows, high utility memecoins are expected to enter the market. It will be interesting to observe how it pans out in the future.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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