According to U.Today, during a recent podcast hosted by Bankless, Justin Drake, a researcher at the Ethereum Foundation, made a surprising statement. He claimed that Shiba Inu (SHIB) is outperforming all other meme cryptocurrencies, with the exception of Dogecoin. The podcast also featured a debate between Drake and Solana co-founder Anatoly Yakovenko, moderated by Ryan Sean Adams and David Hoffman from Bankless. Drake argued that SHIB, which operates on the Ethereum platform, surpasses all other meme cryptocurrencies that were developed and run on the Solana blockchain.
Drake stated that despite the existence of tens or even hundreds of thousands of meme coins built on Solana, their combined market capitalization does not exceed $10 billion. On the other hand, he pointed out that there is only one meme cryptocurrency on Ethereum, Shiba Inu, which has a market capitalization of $15 billion. He suggested that this demonstrates the superior quality of SHIB compared to other meme coins. Some of the most popular meme cryptocurrencies on Solana include Bonk (BONK) and dogwifhat (WIF), with market caps of $2,103,567,889 and $3,233,889,469 respectively, according to CoinGecko.
Drake highlighted the distinction between quality and quantity in his discussion with Yakovenko. Despite SHIB's success, Dogecoin remains the leading meme cryptocurrency, boasting a market capitalization of $23,130,494,872 and ranking eighth on the CoinMarketCap scale. Meanwhile, SHIB holds the eleventh position.