Solana meme coins are rising in dominance, challenging those minted on Ethereum and even the first of them all, Dogecoin. While Dogecoin is the most valuable, it increasingly faces stiff competition from Pepe and Shiba Inu.
However, developers have been minting thousands of meme coins from the scalable chain over the past year, especially after Solana recovered from around $20 in Q4 2023.
According to Coingecko data, the total market cap of all meme coins on Solana is around $11 billion as of mid-October 2024. This valuation is up 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 in the numbers, it is up roughly 8% in the past week of trading and up 3% in 24 hours.
Other notable meme coins that dominate Solana include Bonk and Popcat. These tokens are among the top performers in 2024, and their market caps are above $1 billion.
They are among the only eight meme coins with market cap exceeding $1 billion. Some include Brett, the meme coin on Base, Pepe, and Floki.
Interestingly, Neiro on Ethereum is first expanding, etching its position on the top 10, flipping BOME. NEIRO has a market cap of over $839 million at press time.
The rapid expansion of meme coins on Solana means they are cumulatively closing the gap with Cardano. At press time, ADA is changing hands at around $0.35 and down the market cap ranking to eleventh. According to CoinMarketCap, ADA has a market cap of $12.4 billion and remains under pressure.
On October 14, Cardano will unlock 18.53 million ADA. According to Token Unlocks, the platform has released over 85% of all ADA to investors, team members, and other stakeholders. While this is bullish, any token unlocking event is viewed as bearish, considering the expected increase in supply.
When writing, ADA is down roughly 60% from the March high. As prices consolidate, the coin has support at around $0.30 while resistance is at $0.40.
Any breakout below the local support could see ADA print fresh 2024 lows, heaping more pressure on the coin. This development, in turn, assuming Solana expands, could see its meme coins flip ADA.
Feature image from Canva, chart from TradingView
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