As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the evolution of meme coins from their humble beginnings to the current dominance they hold. While Dogecoin was once the undisputed king, it now faces stiff competition not only from Ethereum-based tokens but also from Solana’s rising stars.
Meme-based cryptocurrencies like Solana’s are gaining prominence, pushing back against meme coins minted on Ethereum and even the original, Dogecoin. Despite Dogecoin being the most valuable, it’s encountering more intense competition from Pepe and Shiba Inu as time goes by.
Over the last year, I’ve noticed an influx of meme tokens being created by developers on a scalable platform, particularly following Solana’s surge beyond $20 in Q4 of 2023.
Solana Meme Coins Rising, Market Cap Exceeds $11 Billion
Based on information from CoinGecko, the combined market value of all meme coins on the Solana network currently stands at approximately $11 billion, as reported in mid-October 2024. Remarkably, this valuation has increased by 5% within just the past day.
Among all projects within the Solana blockchain network, DogWithHat (WIF) currently holds the highest market value, surpassing $2.8 billion. Over the last seven days, its value has increased by approximately 8%, and over the past day, it’s seen a growth of around 3%.
In addition to popular meme coins on the Solana network, there are standouts like Bonk and Popcat. These digital assets have shown impressive performance in 2024, with market capitalizations surpassing $1 billion each.
Among just eight digital currenies based on memes, they surpass a market capitalization of $1 billion each. These include Brett from the Base platform, Pepe, and Floki, among others.
Notably, Neiro on Ethereum is starting to grow and establish itself among the top 10, surpassing BOME in the process. At the moment of reporting, Neiro boasts a market capitalization exceeding $839 million.
Cardano Unlocks More ADA, What’s Next?
The swift growth of meme coins on Solana is narrowing the difference with Cardano. Currently, ADA is being traded at approximately $0.35 and has dropped in the market capitalization rankings to eleventh position. As reported by CoinMarketCap, ADA has a total market capitalization of $12.4 billion and continues to face pressure.
As an analyst, I’m sharing a forthcoming development regarding Cardano (ADA). On October 14th, approximately 18.53 million ADA tokens will be unlocked. To put this into perspective, Token Unlocks reports that over 85% of all ADA has been distributed to investors, team members, and other stakeholders.
In my analysis, I’ve noticed a significant dip in ADA‘s price, approximately 60% from its peak in March. At the moment, it seems like we’re seeing some consolidation. The support level for this coin appears to be around $0.30, while there’s resistance at roughly $0.40.
If ADA falls below its current support level, it might reach new 2024 lows, increasing the strain on the currency. Under such circumstances, if Solana continues to grow, its meme tokens could potentially surpass ADA in value.
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2024-10-15 05:11