According to the Q1 report, year to date (YTD), Solana-based meme coins have outperformed Ethereum-based meme coins by a staggering 800%.

Memecoins were listed as the most popular asset class, accounting for 22% of the market share, in CoinMarketCap’s 2024 H1 report. Over the past eight months, the Solana (SOL) ecosystem has been leading the pack, followed by Ethereum (ETH) and artificial intelligence (AI) tokens.

First half report shows Meme Coin popularity surges

The Solana ecosystem holds 9.64% of the market share on the back of a rise in meme coins, which have remained stable and trended upward over the past week.

Dogwifhat (WIF) leads the way, surging 12.34% in the past 24 hours to become the top meme coin. After a long slump, its price has increased by 40.17% in the past week.

Furthermore, the report highlights the fact that most SOL memes launched in late 2023 or 2024 outperformed ETH memes, which were more mature by 2023. Specifically, SOL memes returned an average of 8,469%, while ETH memes returned an average of 962%. This surge was likely driven by the WIF and BONK rallies, leading to a cycle of interest and growth.

Recently, the Solana-based meme token Billy (BILLY) launched through Pump.fun surpassed $100 million in market cap. As a result, it is now the second-largest token on the platform.

The token’s journey began in early June when the developer sold all the tokens in 20 minutes. Despite the developer’s sudden exit, the community took over the project. Their efforts are seen as the factor that propelled Billy to new heights.

Billy’s market cap fluctuated around $72 million over the weekend. It dropped to $60 million at the start of the week, before surging 97% to $117 million on Tuesday. Meanwhile, Pump.fun’s daily revenue surpassed Ethereum’s, reaching $2 million on June 30, 2024.

Celebrity influence may also be driving the growth of the Solana meme coin, attracting potential scams targeting celebrity accounts. Recently, hackers used Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.

The compromised accounts posted about fake giveaways and token burns. These fraudulent posts highlight the ongoing challenge of cryptocurrency scams.

Additionally, Solana’s meme coin Michi rose 18% after Ariana Grande shared an Instagram meme featuring Michi the cat and her music video.

Billy has now surpassed Andrew Tate’s meme token DADDY, which is down 1.4% and now has a market cap of $71 million. This makes Billy the second-largest token launched by Pump.fun, behind Michi, which now has a market cap of $130 million.

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