Solana-based meme coins surge 8x over Ethereum counterparts in 2024

Political meme tokens gain traction, with MAGA coin surging over 5100% amid US election buzz.

Golden Solana logo rising above Ethereum, representing Solana meme coins' superior performance

Key Takeaways

  • Solana meme coins averaged 8,469% returns YTD, vastly outperforming Ethereum's 962%.
  • Political meme tokens emerged as a $784M subcategory within the $57.7B meme coin market.

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Solana-based meme coins have significantly outperformed their Ethereum-based counterparts, yielding an average return of 8,469% compared to 962% for Ethereum meme coins year-to-date. According to the “CMC 2024 H1” report, this contrast highlights a surge in speculative capital flowing into the Solana ecosystem.

Image: CoinMarketCap

The explosive rallies of WIF and BONK on Solana have attracted attention and capital from other chains, fueling a cycle of increased meme coin performance and further investment. While meme coins exist on various blockchains, Solana and Ethereum have dominated in terms of activity and trading volume.

Ethereum meme coins, generally launched in 2023 or earlier, have a more established presence. In contrast, most Solana meme coins entered the market in late 2023 or 2024, capitalizing on the recent wave of interest.

Notably, political meme tokens have emerged as a subcategory, with a total market capitalization of $784 million out of the $57.7 billion meme coin market. The MAGA (TRUMP) meme coin has seen over 5,100% gains this year, influenced by Trump’s vocal support for crypto and acceptance of crypto donations for his campaign.

Image: CoinMarketCap

As crypto becomes a significant topic for the November US elections, political meme coins will keep attracting speculative interest, underscores the CoinMarketCap report.

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