6 out of top 13 memecoins now on Solana – Here’s why it matters

  • Solana memecoins are leveraging their underlying technology to shift from a hype-based perception to one focused on utility
  • This shift gives them a unique identity over other alternative assets

As a seasoned analyst with years of experience navigating the tumultuous waters of the cryptocurrency market, I have witnessed firsthand the meteoric rise and fall of various digital assets. The recent shift in perception surrounding Solana memecoins, from being mere tokens of hype to instruments of utility, is indeed intriguing.


Memecoins have transformed significantly since they first appeared, moving from being known as extremely volatile tokens to being recognized as a unique investment category on their own.

It’s worth noting that a good number of the popular meme-based cryptocurrencies reside on the blockchain known as Solana. Interestingly, over half (6 out of 13) of the top memecoins ranked by market capitalization actually run on the Solana network.

To clarify once more, Anatoly Yakovenko, a co-founder of Solana, has given credit to meme coins for expanding Solana’s data capacity. As a result, Solana is now able to compete effectively with its primary competitor, Ethereum, across multiple performance indicators.

Over the past day, things haven’t gone well for the meme coin enthusiasts. Instead, altcoins have been grabbing attention, causing worry about their volatile nature and limited practical uses in the real world.

This has once again brought the debate of their long-term value into focus.

Can Solana memecoins change the narrative?

In the past month, meme coins have suffered losses as high-capital alternatives gained traction, providing real-world applications and cost-effective choices for investors. However, while many altcoins have since rebounded and breached significant resistance points, Dogecoin (the largest meme coin) has been trapped within a limited price band.

However, there’s a standout – Solana-based memecoin PNUT has soared by an impressive 4-digit % jump, capturing attention in this volatile market.

Source : CoinGecko

Memecoins built on the Solana platform are utilizing its fast data processing capabilities to expedite transactions, thereby distancing themselves from the widespread doubts often associated with meme tokens.

Consequently, the market capitalization of Solana’s meme coin has skyrocketed to a staggering $20 billion, propelled by a 3.6% increase over the past day, and accompanied by a significant boost in trading volume up to $7 billion.

To put it simply, memecoins on the Solana network provide amusement as well as boosting functionality through leveraging the base blockchain technology for their applications. This not only generates excitement among investors but also offers them something beyond mere hype by providing tangible benefits.

So, can they overshadow altcoins?

Among analysts, there’s been ongoing discussion about which investment could potentially spearhead a ‘supercycle’ if Bitcoin manages to surpass its significant value barriers.

According to AMBCrypto, each asset class has unique strengths that distinguish it from its rivals. 

Read Solana’s [SOL] Price Prediction 2024–2025

While altcoins highlight their use of smart contracts, Web3 infrastructure, gaming applications, and other utilities, memecoins thrive on strong community support and the allure of high rewards in a short timespan. This makes them ideal for short-term gains.

Regardless of the turbulent market conditions that have shaken up some popular memecoins while altcoins seem to be thriving, I still believe in the possibility of a turnaround, particularly considering PNUT’s impressive track record and the increasing influence of Solana-based memecoins.

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2024-12-07 10:15