Logo
Cardano Ecosystem

Bitcoinist

10/14/2024

·

84 views


Will Solana Meme Coins Overtake Cardano In Market Cap?

Solana meme coins are rising in dominance, challenging those minted on Ethereum and even the first of them all, Dogecoin. While Dogecoin is the most valuable, it increasingly faces stiff competition from Pepe...

Will Solana Meme Coins Overtake Cardano In Market Cap?

Solana meme coins are rising in dominance, challenging those minted on Ethereum and even the first of them all, Dogecoin. While Dogecoin is the most valuable, it increasingly faces stiff competition from Pepe and Shiba Inu.

However, developers have been minting thousands of meme coins from the scalable chain over the past year, especially after Solana recovered from around $20 in Q4 2023.

Solana Meme Coins Rising, Market Cap Exceeds $11 Billion

According to Coingecko data, the total market cap of all meme coins on Solana is around $11 billion as of mid-October 2024. This valuation is up 5% in the past day alone.

DogWifHat (WIF) is the most valuable in the Solana ecosystem, with a market cap of over $2.8 billion. To put in the numbers, it is up roughly 8% in the past week of trading and up 3% in 24 hours.

Other notable meme coins that dominate Solana include Bonk and Popcat. These tokens are among the top performers in 2024, and their market caps are above $1 billion.

Top Solana meme coins | Source: Coingecko
Top Solana meme coins | Source: Coingecko

They are among the only eight meme coins with market cap exceeding $1 billion. Some include Brett, the meme coin on Base, Pepe, and Floki.

Interestingly, Neiro on Ethereum is first expanding, etching its position on the top 10, flipping BOME. NEIRO has a market cap of over $839 million at press time.

Cardano Unlocks More ADA, What’s Next?

The rapid expansion of meme coins on Solana means they are cumulatively closing the gap with Cardano. At press time, ADA is changing hands at around $0.35 and down the market cap ranking to eleventh. According to CoinMarketCap, ADA has a market cap of $12.4 billion and remains under pressure.

Cardano unlock schedule | Source: Token Unlocks
Cardano unlock schedule | Source: Token Unlocks

On October 14, Cardano will unlock 18.53 million ADA. According to Token Unlocks, the platform has released over 85% of all ADA to investors, team members, and other stakeholders. While this is bullish, any token unlocking event is viewed as bearish, considering the expected increase in supply.

Cardano price moving sideways on the daily chart | Source: ADAUSDT on Binance, TradingView
Cardano price moving sideways on the daily chart | Source: ADAUSDT on Binance, TradingView

When writing, ADA is down roughly 60% from the March high. As prices consolidate, the coin has support at around $0.30 while resistance is at $0.40.

Any breakout below the local support could see ADA print fresh 2024 lows, heaping more pressure on the coin. This development, in turn, assuming Solana expands, could see its meme coins flip ADA.

Feature image from Canva, chart from TradingView

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Dalmas Ngetich

Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

AD

Cardano Catalyst Project - Discover and Vote for our proposals in Fund 13 by December 12, 2024 11:00 UTC

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Cast your vote today, find our proposals by searching "CardanoFeed" in the Voting App.Vote for Us


Read Original Article on Bitcoinist

ORIGINAL SOURCE

https://bitcoinist.com/solana-meme-coins...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Bitcoinist

See more
$574 Million Unlocks Threaten Altcoin Rally: Why You Should Monitor Cardano's ADA, Solana's JTO
Bitcoinist
$574 Million Unlocks Threaten Altcoin Rally: Why You Should Monitor Cardano's ADA, Solana's JTO

last Sunday at 3:30 AM

·

10 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)