Semarak Meme Coin, Blockchain Solana Jadi Rumah Utama

The Rise of Meme Coins: Solana Dominates, Ethereum Remains a Major Player

Amidst the surge in meme coins in 2024, the Solana blockchain has emerged as the primary home for a significant portion of these meme-based cryptocurrencies.

Meme Coins: A Cultural Phenomenon

Meme coins are cryptocurrencies created or issued on blockchains that draw inspiration from popular internet memes or humorous concepts. They represent or tokenize viral ideas, often featuring humorous or satirical themes.

Unlike conventional cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which are known for their technological innovations, meme coins typically lack intrinsic utility or practical applications. Instead, their value and popularity stem from their viral appeal, community support, and speculative nature in cryptocurrency trading, both on centralized and decentralized crypto exchanges.

Dogecoin and Shiba Inu: Trailblazers in the Meme Coin Market

Dogecoin (DOGE), initially created as a parody of Bitcoin in 2013, remains a prominent meme coin. Its popularity has soared thanks in part to Elon Musk's support.

Another notable meme coin is Shiba Inu (SHIB), launched on the Ethereum blockchain in opposition to DOGE. It features the Japanese shiba inu dog Kaboshu as its mascot. Pepe Coin (PEPE), based on the popular internet meme Pepe the Frog, and other meme coins have achieved remarkable returns in a short period.

Solana's Dominance in the Meme Coin Space

In 2024, Solana became the leading blockchain for a plethora of meme coins. Its low transaction fees reduced barriers for users looking to create and trade meme coins.

Moreover, Solana's fast transaction confirmation times made the experience akin to uploading meme content through an internet browser.

Exponential Growth in Solana-Based Meme Coins

The end of 2023 marked a turning point for meme coins on Solana. Between August and November 2023, the blockchain saw an average of around 9,000 new tokens per day. Solana now averages over three times that number, with approximately 28,000 tokens daily. At its peak, it reached 100,000 new tokens per day using a 30-day moving average (670,000 at its height).

Ethereum Remains a Major Hub for Meme Coins

Meme coins did not originate on Solana. Dogecoin is among the first and most valuable meme coins in the crypto market, launched in 2013 and now worth over $24 billion as of May 29, 2024.

Beyond Dogecoin, Ethereum was the blockchain of choice for meme coins during the 2020–2022 crypto bull cycle. It hosted iconic meme coins such as SHIB and more recently, PEPE and Harry Potter Obama Sonic 10 Inu. While activity has migrated from Ethereum to other blockchains, it still holds the second and third largest meme coins by market cap, SHIB and PEPE, reflecting the continued presence of meme coins on its platform.

Market Expansion and Longevity Challenges

As the number of meme coins increases, so does their market size. The top meme coins as of May 29, 2024, collectively hold a value of $57 billion, representing a 3.5x increase from the same day the previous year and a 4.8x increase from the bear market lows. Notably, four of the seven meme coins featured were created within the past 511 days from May 29, 2024; two of them launched within 160 days. This highlights the fast-paced nature of meme coins and their inherent lack of longevity due to the rapidly evolving nature of human and internet culture.