The market capitalization of memecoins on Solana exceeded $10 billion. Among the most popular are Dogwifhat, Bonk and PopCat. Today, October 12, 2024, the market capitalization of memecoins in the Solana ecosystem exceeded $10.2 billion. This capitalization was $2 billion below the market capitalization of ADA, Cardano's native cryptocurrency and one of the most popular in the cryptocurrency ecosystem. A third of the figure accumulated by these tokens based on pets, public figures or Solana internet memes occurred during the last 24 hours, with almost 2.3 billion dollars.
That is to say, doing a little math, this Solana memecoin statistic would have to increase only 8.69 times that figure from the last 24 hours to finish surpassing ADA.
In the last 24 hours, the market capitalization of Solana memes moved more than 2 billion in USD. Source: X.
Memecoins keep Solana standing
It could also be noted that the market capitalization of meme coins on Solana was $1.5 billion behind AVAX, the native utility cryptocurrency of the Avalanche network. While it is true that the total value of a network, such as Cardano, is not entirely given by the market capitalization of its native token, this reference can be used to understand the growing user interest in Solana memecoins. Among the most traded memecoins, and reviewing the statistics on CoinMarketCap, four tokens accumulate more than 7 million dollars in market capitalization. These are Dogwifhat (WIF), The Graph (GRT), Bonk (Bonk), and PopCat (POPCAT).
These are the memecoins with the highest market capitalization on Solana. Source: CoinMarketCap. In turn, POPCAT presented a rise in its price of almost 16% in the last 24 hours, which could be one of the fundamentals behind the 2,000 million dollars accumulated in the last day by the total of the memes. Furthermore, the WIF token grew by 20% in the last seven days, boosting this figure. While most of the narratives and metrics on Solana seem muted, in the last seven days user interactions with the memecoin ecosystem on this network increased by 16%, as reported by BitcoinDynamic. In this way, the Solana ecosystem is being strongly driven by the use of memecoins, mostly created within the Pump.fun platform. Aside from the fact that the combined market capitalization of these memes helps to understand their economic position within the cryptocurrency ecosystem, their usefulness is far from equal to the cryptocurrencies of large networks such as Cardano or AVAX.