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Solana platform, based on blockchain technology, launched in March 2020. The blockchain space is crowded and Solana made steady growth by focusing on technical innovation. Initial focus of Solana was Decentralized Application (dApps), scalability, faster transaction speed and lower transaction fee.
Solana’s Meme Coin Meltdown
In April 2024, meme coins on Solana witnessed a poor performance and investors lost millions of dollars in a short period of time. The root cause was the “presale” of almost 12 meme coins, worth $26 million, only to be abandoned within a month of their presale, without developing a viable product. It seemed as if the flame of meme coins on Solana was fading.
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Solana’s Response to Crisis
Instead of backing down, Solana faced the issue head-on and took steps to address the issue of such meme coins and started cleaning its ecosystem. Solana went back to its roots and focused on its initial promise of being “user-friendly” and “accessible for developers” and significantly improved its dApps, Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs).
The efforts of Solana developers paid off and the Solana witnessed an impressive growth in terms of user base. It started attracting developers from diverse sectors like gaming and Web3 development and supply chain management. Another notable feature of the success was its meme coin sector, which saw a remarkable surge.
From Setback to Comeback
According to reports, Solana witnessed an average return of over 8,400% year-to-date (YTD) for the Solana based meme coins. It even surpassed Ethereum based meme coins by over 960%. This impressive performance is a clear indication of Solana devs’ commitment towards innovation.
Solana’s meme coins are on a hot streak: Outperforms Ethereum by 800% this year. (Source: CoinDCX)
Solana Based Meme Coins to Watch For
Few of the recent hits among the meme coins are BILLY, BONK, MICHI, WIF, SAMO and POPCAT.
- BILLY soared in terms of market capitalization by 97% reaching an impressive figure of $123 million.
- BONK witnessed a trade volume of over $324 million (+16.7%) with a market cap of $1.35 billion.
- MICHI saw an impressive growth initially with an all-time high price of $0.595 on May 17, 2024. The current price stands at $0.14 with a market cap of $79 million.
- Since January 8, 2024, WIF showed an impressive 2318% price surge with current price of $1.62 and a market cap of $1.62 billion.
- SAMO’s trade volume increased by 46% to $1.6 million. SAMO is known for its charitable initiatives and efforts to build a sustainable community around the coin.
- POPCAT stands at a current price of $0.41 with 4.7% decrease in market cap which currently stands at $410 million.
Taking everything into account, Solana has proved its commitment to community and devs are continuously improving the platform making it more and more user-friendly for both the community and the developers.
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