As a seasoned crypto investor who has witnessed the meme coin craze firsthand, I find Drake’s perspective on SHIB being the standout meme coin an intriguing one. The numbers he presents in the podcast debate are eye-opening, and it is undeniable that SHIB’s market capitalization value far surpasses those of other meme coins built on Solana.
During a recent podcast hosted by Bankless, Ethereum Foundation researcher Justin Drake made an unexpected statement, expressing his belief that SHIB outperforms all other meme coins in the crypto market apart from Dogecoin.
SHIB surpasses all Solana meme coins
In the podcast episode, Drake engaged in a discussion with Anatoly Yakovenko, the co-founder of Solana. The conversation was facilitated by Ryan Sean Adams and David Hoffman from Bankless, who acted as moderators for the Ethereum-Solana debate.
At the debate, Drake highlighted that SHIB‘s operation on Ethereum exceeds the capabilities of all meme cryptocurrencies constructed and executed on the Solana blockchain.
As a researcher studying the meme coin market, I’ve come across an intriguing observation made by Drake during our conversation. He mentioned that although there are potentially tens of thousands, or even hundreds of thousands, of meme coins established on Solana, their collective market capitalization does not surpass $10 billion. On the other hand, he highlighted that only one meme cryptocurrency, specifically Shiba Inu, resides on Ethereum, boasting a market capitalization worth $15 billion.
From my perspective as an analyst, it seems that he holds the conviction that Shiba Inu (SHIB) outshines its competitors in terms of quality. Notably, there are other well-known meme cryptocurrencies on the Solana network, such as Bonk (BONK) and Dogwhizat (WIF). As of now, their market caps stand at $2,103,567,889 and $3,233,889,469 respectively, based on data from CoinGecko.
“Here’s where the difference between high-quality and large quantities becomes clear,” Drake declared triumphantly to Yakovenko. Dogecoin stands alone as the leading meme cryptocurrency, boasting a market capitalization worth over $23 billion and ranking eighth on CoinMarketCap. In contrast, Shiba Inu trails behind in eleventh place.
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2024-06-07 17:12