As the cryptocurrency market prepares to enter the final quarter of the year, memecoins have taken center stage. Fueled by a wave of dog and cat-themed tokens, investors have enjoyed massive returns year-to-date. Interestingly, Solana (SOL/USD) has emerged as a frontrunner in this memecoin craze, eclipsing Ethereum (ETH/USD), the traditional home of these viral cryptocurrencies.
Leading the pack is Popcat, a cat-themed token, which has skyrocketed an astounding 12,882% in 2024. This remarkable performance has propelled Popcat into the billion-dollar memecoin club, with its price surging 13% in the past 24 hours. Close behind, dog-themed Dogwifhat has climbed 1108% since the beginning of the year, reclaiming its $2 billion market capitalization with a 15% jump in the last 24 hours.
The collective market capitalization of Solana-based memecoins has reached nearly $8 billion, according to CoinGecko. This surge in popularity highlights the growing appeal of Solana as a platform for memecoin development.
While Ethereum witnessed the initial wave of memecoins, its performance has been overshadowed by Solana’s recent successes. However, Pepe, a frog-themed cryptocurrency on Ethereum, has experienced significant gains, rising 521% year-to-date. Floki, a canine-themed token originally launched on Ethereum as an ERC-20 token, has also soared 292% in 2024, expanding its reach to BNB Chain (BNB/USD).
Traditional memecoin heavyweights like Shiba Inu and Dogecoin (DOGE/USD) have shown more modest gains, rising just 45% and 23%, respectively. Dogecoin operates on a separate chain derived from Litecoin (LTC/USD). The overall memecoin market currently boasts a market capitalization of nearly $48 billion, with Dogecoin holding a dominant 33% share.
The memecoin frenzy has positively impacted Solana’s native token, SOL, which has risen 3.51% in the past 24 hours, as per Benzinga Pro data. Ethereum, on the other hand, has experienced muted gains, rising only 0.50% during the same period. This trend underscores Solana’s growing influence in the cryptocurrency landscape, particularly in the rapidly evolving memecoin sector.
