Solana Memecoins Reach All-Time High Market Cap of $9.84 Billion
This is a segment from the Lightspeed newsletter.
Solana Memecoins at Record Highs
Solana memecoins are currently experiencing an all-time high, with 57 memecoins having a market cap of at least $75 million on CoinGecko. Sixteen are native to Solana, 18 are on Ethereum, and the remaining 40% are spread across chains including Base, Bitcoin, Avalanche, and Binance Chain.
The total valuation of these Solana memecoins reached $9.84 billion recently. In comparison, Ethereum memecoins have a combined value of about $19 billion, largely driven by shiba inu, which comprises nearly 60% of that total.
While CoinGecko may not capture the entire memecoin landscape, as it does not include data from Pump.fun, the omission likely has minimal impact on overall valuations.
Despite Ethereum memecoins stagnating at 35% below their peak in March, Solana's memecoins continue to grow. In contrast, Base has only two main memecoins—DEGEN and BRETT—with a combined market cap of around $1 billion. Bitcoin features three Runes exceeding a $75 million market cap, but its memecoins briefly surpassed those of Base in May; they are now nearly equal in value.
Market observers are particularly focused on potential shifts in memecoin dynamics, anticipating possible changes in DEX volumes and fee expenditures.