- Solana memecoins leverage their underlying technology to shift from a hype-based perception to one focused on utility
- This shift gives them a unique identity from other alternative assets
Since their inception, memecoins have evolved into a separate asset class, losing their reputation as highly volatile tokens.
Among the various blockchains hosting these assets, Solana-based memecoins have gained significant traction. In fact, 6 of the top 13 memecoins by market cap are based on the Solana network.
Solana’s co-founder Anatoly Yakovenko echoed this and recently credited memecoins with enriching Solana’s bandwidth. This has pushed it to compete with its biggest rival, Ethereum, on several metrics.
And yet, the past 24 hours have not been kind to the memecoin community. Altcoins have recently attracted attention, renewing concerns about the volatility of memecoins and their lack of real-world applications.
This has brought renewed attention to the debate over its long-term value.
Can Solana memecoins change the narrative?
Over the past 30 days, memecoins have taken a hit as high-cap alternatives boomed, offering real-world examples and more affordable options for investors. Now, wWhile many altcoins have since regained momentum and broken major psychological levels, DOGE, the largest memecoin, remains stuck in a narrow price range.
However, there is a highlight: Solana-based memecoin PNUT has risen by an impressive 4-digit jump and turned heads in this volatile market.
Source: CoinGecko
These Solana-based memecoins take advantage of the network’s high transit to speed up transactions, allowing them to stand out from the general skepticism surrounding meme tokens.
As a result, Solana’s memecoin market capitalization has risen to an impressive $20 billion, after rising 3.6% in 24 hours, with trading volume rising to $7 billion.
In short, Solana memecoins not only provide entertainment, but also increase usability by using the underlying blockchain technology to power their use cases, giving investors more than just hype.
Can they eclipse altcoins?
There has been a long-running debate among analysts about which assets will lead a “super cycle” once Bitcoin breaks through its psychological resistance levels.
According to AMBCrypto, each asset class has unique strengths that differentiate it from its rivals.
Read Solana’s [SOL] Price forecast 2024–2025
While altcoins emphasize their use of smart contracts, Web3 infrastructure, gaming applications and other utilities, memecoins thrive on strong community support and the lure of high rewards in a short time frame. This makes them ideal for short-term gains.
Despite the market turmoil that has disrupted major memecoins as altcoins take the lead, a turnaround remains possible. Especially given the strong performance of PNUT and the growing foothold of Solana-based memecoins.
