In the course of a recent podcast set up by Bankless, Ethereum Foundation researcher Justin Drake surprised the cryptocurrency community by saying that he believes SHIB to be outshining all other meme coins on the crypto market, except Dogecoin.
SHIB surpasses all Solana meme coins
On the podcast, Drake debated Solana cofounder Anatoly Yakovenko, with Ryan Sean Adams and David Hoffman from Bankless also present and moderating the Ethereum-Solana debate.
During the debate, Drake pointed out that SHIB running on Ethereum surpasses all the manifold meme cryptocurrencies that were built and run on the Solana blockchain.
The power of the #SHIBARMY shines through! 🌟In a world full of memecoins, $SHIB rises above as a beacon of quality and unity. We're here to support all memecoin lovers and celebrate the diversity of our ecosystems. Together, we build a future of innovation and prosperity.… pic.twitter.com/AEtIrcJOCW
— Shib (@Shibtoken) June 6, 2024
In the course of the discussion, Drake stated that while there are tens of thousands (or even hundreds of thousands) of meme coins built on Solana, their cumulative market capitalization value does not exceed $10 billion. In the meantime, Drake said, there is just one meme cryptocurrency on Ethereum, called Shiba Inu, with a market capitalization of $15 billion.
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Apparently, he believes that SHIB surpasses them all in terms of quality. Some of the most popular meme cryptocurrencies on Solana include Bonk (BONK) and dogwifhat (WIF). Their market caps are $2,103,567,889 and $3,233,889,469, according to CoinGecko.
“And this is where we see the distinction between quality and quantity,” Drake victoriously told Yakovenko. Dogecoin remains the only meme cryptocurrency ahead of Shiba Inu, with a market capitalization to the tune of $23,130,494,872 and sitting in eighth place on the CoinMarketCap scale, while SHIB occupies eleventh place.