Solana-based meme coins to surge 8x against their Ethereum counterparts in 2024

Key points

Solana meme coins have averaged a return of 8,469% so far, far outperforming ethereum’s 962%.
Political meme tokens emerged as a $784 million subcategory within the $57.7 billion meme coin market.

Solana-based meme coins have significantly outperformed their ethereum-based counterparts, with an average return of 8,469% compared to 962% for ethereum meme coins so far this year. According to the “CMC 2024 H1” report, this contrast reflexes an increase in speculative capital flowing into the Solana ecosystem.

The explosive rallies of WIF and BONK on Solana have attracted attention and capital from other chains, fueling a cycle of higher meme coin yields and increased investment. While meme coins exist on multiple blockchains, Solana and ethereum have dominated in terms of trading activity and volume.

ethereum meme coins, which typically launch in 2023 or earlier, have a more established presence. In contrast, most Solana meme coins entered the market in late 2023 or 2024, riding the recent wave of interest.

Notably, political meme tokens have emerged as a subcategory, with a total market cap of $784 million out of a $57.7 billion meme coin market. The MAGA (TRUMP) meme coin has seen gains of over 5100% this year, influenced by Trump’s vocal support for cryptocurrencies and acceptance of cryptocurrency donations for his campaign.

As cryptocurrencies become a major issue for the US elections in November, political meme coins will continue to attract speculative interest, CoinMarketCap's report highlights.