The meme coin, ranked 21st by market capitalization, is generating massive hype, with expectations that 2025 will be a pivotal year.
Solana's POPCAT and Ethereum's SPX6900 have shown significant growth in 2024, leading the competition in meme coins.
Meme coins are known for their extreme price volatility and absurd origins, garnering significant attention in the cryptocurrency field. They are not yet the largest token category, ranking 21st by market capitalization. Nevertheless, their unpredictable growth has generated so much hype that 2025 looks like it could be a key year for a major rebound.
The rise of meme coins is not steady. Both Ethereum and Solana are leading the way with their outstanding tokens. Ethereum's SPX6900 (SPX) has surged 13,067% year-to-date, while Solana's POPCAT has garnered attention with a 6,000% increase in 2024. As competition intensifies, investors are closely watching which chain will dominate.
POPCAT is the star of Solana's meme coins, reaching an all-time high of $2.10 on November 17, but has since dropped 67% to $0.74. Unless the token regains the $1.00 support, the path to recovery looks tough. Experts see potential for a rebound, thanks to Solana's growing narrative in the meme coin space.
Lennix Lai, Chief Business Officer of OKX Global, emphasized Solana's impressive growth.
Solana continues to launch over 250,000 new tokens weekly (with 272,000, 276,000, and 251,000 launched on DEX in the past three weeks), far exceeding any other network.
He attributes this success to Solana's low costs and near-instant transaction completion, which helps drive a wave of innovation in 2024.
Solana is rising, but Ethereum still rules the meme coin space.
While Solana's tokens are becoming increasingly popular, Ethereum remains the birthplace of meme coins, home to giants like Dogecoin and Shiba Inu. The breakout token SPX6900 has soared to become one of the top 15 meme coins, currently valued at $710 million. However, SPX's price of $0.76 has struggled to break the $0.90 barrier for months.
For SPX to regain momentum, breaking through $0.90 is crucial for a return to the historical high of $0.99, which is nearly 22% above the current price. Losing the $0.56 support could trouble SPX holders, potentially triggering sell-offs as investors rush to lock in profits.
Base Chain's meme coins have lagged behind Ethereum and Solana. However, Brett (BRETT) has unexpectedly surged, soaring 245% within a year. It is currently trading at $0.133, still 40% below its peak of $0.235 reached on December 1.
BRETT's performance depends on broader market trends, but its key support level of $0.100 currently appears solid. Any drop below this level could undermine investor confidence and highlight the challenges Base Chain faces in competing with Ethereum and Solana.
2025: The Year of Meme Coin Giants
As Ethereum benefits from its tradition, Solana is laying a solid foundation to become the future center of meme coins. With lower costs and faster transaction speeds, Solana attracts creators and investors. Meanwhile, Ethereum's good reputation gives it an advantage, although its higher fees may push enthusiasts towards its competitors.
Meme coins may still be niche tokens, but their stories of skyrocketing and plunging attract investors. Whether Solana, Ethereum, or Base Chain leads the way in 2025, one thing is clear: the meme coin craze is far from over.
