Solana Blockchain Gains Momentum Over the past year, the Solana blockchain has emerged as a major competitor to Ethereum in the memecoin space. Ethereum-based meme coins, most notably SHIB and PEPE, remain dominant. But more and more new projects are using the Solana network to launch their tokens.
The key advantage of the Solana blockchain is its high scalability and low fees. Ethereum can process about 12 transactions per second, but Solana can handle up to 65,000, thanks to its specific consensus algorithm. Ethereum’s fees, sometimes exceeding $10, discourage small investors willing to invest only a few dollars in memecoins. By comparison, the average transaction fee on the Solana network is about $0.00025. Low costs are also great for launching collections of non-fungible tokens, since each NFT requires a separate transaction on the blockchain.
The growing popularity of the Solana blockchain has a cumulative effect. As new memecoins emerge and are promoted, interest in Solana increases. This is facilitated by the increased activity of airdrops by meme coin issuers and the launch of PolitiFi tokens.
Dogwifhat (WIF)
Dogwifhat (WIF) was launched in late 2023 and is one of the first memecoins on the Solana blockchain. The project concept includes a meme-based social media platform plus a collection of NFTs.
Until the end of February, WIF occupied a relatively small share of the memecoin market. From February 24 to March 31, the price increased by 1,524%. This rally marked the beginning of the memecoin hype on the Solana network. Dogwifhat experienced significant price fluctuations. After listing on major cryptocurrency exchanges such as KuCoin and Binance, the coin's value increased significantly. Some investors made significant profits from this.
Bonk (BONK)
Bonk (BONK) was created in December 2022 and launched on the Dexlab decentralized exchange. The token is often referred to as the main dogcoin memecoin on the Solana blockchain. BONK has contributed significantly to popularizing Solana as a key alternative to ETH as a space for issuing new memecoins.
The Bonk ecosystem includes BonkVault, a non-custodial wallet for storing digital assets, and BonkSwap, a DEX platform where users can trade Bonk tokens and other cryptocurrencies. Plus BonkDex, a DeFi platform offering loans, lending, and staking.
Many current owners got their hands on Bonk as part of a massive giveaway for owners of SAGA smartphones (Solana's signature device). The excitement quickly sold out, which contributed to a significant increase in the price of the meme coin.
Popcat (POPCAT)
Popcat (POPCAT) is a memecoin based on a viral image of a cat with its mouth wide open, known as Popcat. The cat is edited so that its mouth forms the letter "O". The Popcat project features a simple clicker game where you click on the cat's picture to make a letter fly out of its mouth, and the clicks are added up to a global leaderboard.
The token entered the top echelon of memecoins in July 2024. POPCAT's tokenomics include a deflationary model, where a portion of each transaction is burned, which reduces the total supply over time and potentially increases the value of the asset. In addition, POPCAT integrates branded NFTs.
BOOK OF MEME (BOME)
The Book of Meme (BOME) project was created by an artist nicknamed Darkfarms and is focused on “storing and distributing memes.” This is where the concept of Book of Meme differs from most other memecoins.
BOME was launched in March. The coin surprised with its rise, when the market cap of almost zero was already over $1 billion just three days after its launch.
BOME uses decentralized technologies for data storage, such as Arweave and IPFS. In addition, the BOME environment includes a meme editor and a space designed for storing images, as well as games.
Cat in a dogs world (MEW)
Cat in a Dogs World (MEW) is a memecoin that brings to life a game plot where a cat, as a superhero, tries to save his friends from evil dogs ruling in a futuristic world.
MEW was released in late March and is considered a new player. Within five days of its launch, the coin’s market cap skyrocketed to $685.2 million. The coin’s founders remain anonymous, which adds an air of uncertainty to the project.
MEW tokenomics includes a burn mechanism where 90% of the liquidity pool tokens are destroyed to establish a stable price and reduce volatility.
Conclusion
The memecoin market is characterized by sharp ups and downs. Meme coins on the Solana blockchain are no exception, the most popular of which are Dogwifhat, Bonk, Popcat, BOOK OF MEME, Cat in a dogs world. This niche of the crypto market attracts the attention of those who are ready to take high risks in the hope of getting a significant return. In addition, the launch of such projects helps to popularize the Solana network and reveal its main advantages, such as transaction speed and low fees.
This material and the information in it are not individual or any other investment recommendation. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
