Solana Meme Coins have outperformed Ethereum by 800% this year - revealing the best winner According to a recent report released by the market data platform, in the first quarter of this year, meme coins based on Solana have become the leader, surpassing the meme coin ecosystem of Ethereum and artificial intelligence (AI) tokens. This shift in popularity marks a change in the dynamics of the cryptocurrency market, with meme coins becoming increasingly popular and challenging the previously dominant narratives of smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs). The report emphasizes that the Solana ecosystem has consistently ranked first in growth over the past eight months, launching more than 20 new tokens in just the second quarter. The Ethereum ecosystem follows closely behind, adding 14 new tokens, while the growth of derivatives and stablecoins is relatively small, with 5 and 4 new tokens added, respectively. The surge in token issuance based on Solana indicates a growing interest in the network and its potential. Especially the meme coin ecosystem of Solana has seen a significant rise in price performance and popularity since October 2023. While Ethereum still dominates the blockchain, Solana's increasing popularity indicates a noteworthy trend in the encryption field. Interestingly, the performance of SOL memes is significantly better than that of ETH memes, with an average return of 8,469%, while Ethereum's average return is 962%, as shown in Figure 1. As "speculative capital" from other chains poured into Solana, attracted by the explosive rise of tokens such as dogwifhat (WIF) and Bonk Inu (BONK), more meme coins soared in price, attracting more attention and capital. The biggest winners in the meme coin space include the cat character MEW, POPCAT, and Book of Meme (MEME). These tokens have outperformed even the most popular ones, such as WIF, BONK, Ethereum's Pepe Coin (PEPE), and Shiba Inu (SHIB). It is worth noting that political memecoins have also become a popular subcategory, with the leading MAGA (TRUMP) memecoin experiencing a pump of over 5100% so far this year. This is mainly attributed to the strong support of former President Donald Trump for cryptocurrency and his acceptance of cryptocurrency donations for his election campaign. Despite the significant rise of Solana, Ethereum still dominates the Layer 1 (L1) smart contract market, accounting for 62.11% of the major L1. The report points out that a recent milestone for Ethereum was driven by the approval of Ethereum spot ETF by the Securities and Exchange Commission (SEC) in the United States. However, BNB and Solana have also gained attention, with market shares on L1 networks increasing by $42 billion and $18 billion respectively. Solana is currently leading with over 1.6 million daily active addresses, followed by BNB with 1 million active addresses. In the second quarter, as the adoption of layer 2 solutions increased and the market excitement for Solana-based memecoins grew, Ethereum's gas fees hit a historic low, reaching levels unseen since 2020. Despite Ethereum's dominance with 62% of the market capitalization of major L1s, it accounts for 70% of daily revenue, generating around 2.7 million dollars. Solana ranks second with a daily revenue of approximately 900,000 dollars. According to the data, Ethereum ranked first in the past year's fee income ranking, with $27.28 billion, and Bitcoin ranked second with $13.02 billion. Other notable networks include Tron ($4.5939 billion), Solana ($2.4129 billion), BNB Smart Chain ($1.7656 billion), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.40 million), and Polygon ($23.91 million). Despite both platforms achieving success in various financial indicators and growth charts, the performance of Solana's native token SOL is significantly superior to Ethereum's ETH token. As of the current trading price, SOL is worth $143.25, a rise of 650% year-to-date. ETH has seen a more moderate increase of 68% during the same period, with the current trading price at $3,310. (Data Source: Ronaldo Marquez)

Solana Meme Coin Cat Mew Joins Telegram Fighting Game 'PixelTap' Mew, a cat based on the Solana meme coin Cat in a Dogs World (MEW), is joining a popular Telegram-based combat game called PixelTap. Mew will be a rival to Shibatoni, a dog boss inspired by Dogecoin and Shiba Inu. Players can battle against other players' pets and earn in-game coins to buy more pets and upgrades.

MEW broke through $0.0050, with a 24-hour increase of 16%. According to the market display of Gate.io, MEW has surpassed $0.0050, and its 24-hour increase has reached 16% due to the announcement of the Korean trading platform's addition of the MEW/KRW trading pair. It is currently priced at $0.005093.

Analyst: Meme token's rise primarily driven by Asian traders. "The encryption fund Stratos founding partner Rennick Palley said that the popularity of meme tokens is mainly due to the re-entry of Asian traders into the market. Most meme token prices rise most significantly during the Asian trading session (midnight in US time). This is a follow-up effect on the ETH ETF frenzy and the US regulatory authorities' shift towards more support for cryptocurrencies. #WIF##SHIB##MEW##PENG##MANEKI#"

Andrew Kang: MEME token will lead the market pump "Mechanism Capital, a cryptocurrency venture capital firm, Co-Founder and Partner Andrew Kang, wrote on social media that 'The rise of the MEME token is no longer an indicator of market top, as MEME tokens are no longer the last piece of the puzzle in a zone. In fact, they are the most trusted zone for new capital allocation. Memes have already and will continue to lead the market.' #DOGE##SHIB##WIF##MEW##MANEKI#"