Bitrabo Editorial
The popularity of meme coins on Solana is rising, providing tough competition to those launched on Ethereum and even to the original meme coin, Dogecoin. Although Dogecoin remains the leader in value, it is facing increasing rivalry from newcomers like Pepe and Shiba Inu.
Over the past year, developers have created numerous meme coins on the Solana network, particularly following its resurgence from a low of around $20 in late 2023.
Surge in Solana Meme Coins, Market Valuation Tops $11 Billion
As reported by Coingecko data, the collective market cap of Solana’s meme coins has reached approximately $11 billion by mid-October 2024, reflecting a 5% increase in just one day.
In the Solana sphere, DogWifHat (WIF) stands out as the most valuable, boasting a market cap exceeding $2.8 billion. It has shown an 8% increase over the past week and a 3% rise in the last 24 hours.
Prominent meme coins on Solana include Bonk and Popcat, both recording impressive performances in 2024 with individual market caps surpassing $1 billion.
These coins contribute to a select group of eight meme coins, each with a market cap greater than $1 billion, which includes others like Brett, Pepe, and Floki.
Meanwhile, Neiro, a coin on Ethereum, is gaining traction and moving into the top ten, recently surpassing BOME with a market cap of over $839 million.
Cardano Releases More ADA: What’s Ahead?
The swift growth of meme coins on Solana brings them closer to Cardano in market cap. Currently, ADA trades around $0.35 and has dropped to the eleventh position in market cap rankings. As of now, ADA’s market cap is $12.4 billion according to CoinMarketCap, and it remains under selling pressure.
On October 14, Cardano will unlock 18.53 million ADA. Data from Token Unlocks shows that over 85% of ADA has already been distributed to investors, team members, and others. While this could be seen as positive, such unlocking events generally lead to bearish sentiments as market supply increases.
Currently, ADA is trading approximately 60% below its peak in March. As it stabilizes, the coin faces support around $0.30 and resistance near $0.40.
A breach below the local support level could lead to new lows for ADA in 2024, adding more pressure on the coin. This scenario, coupled with the growth of Solana, may result in its meme coins overtaking ADA in market cap.