Meme coins, especially on Solana, found unexpected success in late 2023 and for the better part of 2024.
According to Coingecko, the total market cap of all meme coins stands at over $58 billion.
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And the number is expected only to grow. If anything, one analyst thinks at least two meme coins will command a market cap above $100 billion in the coming years.
It is easy to see why: More and more layer-2s on Ethereum and mainnet platforms are launching, offering a cheaper option for launching these tokens.
Despite Tron offering stiff competition, Solana is taking over from Ethereum as the king of meme coins.
In the future, the competition will be cutthroat with the launch of even more performant and dedicated solutions for meme coins. Top of the list is Pepe Unchained, whose presale has seen over $20 million raised.
Over 25,400 Meme Coins Launched In 24 Hours On Solana
After a slight contraction in August, coinciding with the activation of SunPump on Tron, meme coin activity is back on Solana.
According to the latest report, a staggering 25,402 meme coins were launched on October 14 on Pumpfun.
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This surge means this was the day records were broken as far as meme coin minting is concerned.
If was the day more tokens were minted on the Solana meme coin launchpad, even exceeding the boom seen in August.
The sheer number of tokens minted is unprecedented and points to one thing: Solana is the king, and this trend will only continue in the modern blockchain.
At press time, 23,182 meme coins were launched on Pumpfun. However, less than 1% graduated, listing on Raydium, the Solana DEX.
According to Dune, only 370 meme coins reached a market cap of 69 SOL and were automatically listed on the popular DEX.
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As of October 16, the frenzy on Pumpfun saw the meme coin launchpad generate over $1.5 million in revenue.
Over the months after launching, Pumpfun has generated more than $134 million from gas fees.
DISCOVER: The Hottest Meme Coin ICOs of October 2024
SOL Price Is Rising: Will FTX Spoil The Party?
This excitement benefits SOL
Price Trading volume in 24h Last 7d price movement .
The coin is up nearly +30% from September lows but finding strong resistance at $162.
(SOLUSDT)
A decisive close above this liquidation level may propel SOL to $190 and July highs.
Despite the optimism, there are concerns.
FTX estate managers recently unstaked over 175,000 SOL.
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There are concerns that they may look to liquidate after sending 113,415 SOl to Coinbase and Binance.
The resulting supply will slow down bulls, even pushing down prices.
In April, FTX estate managers said they plan to auction off $7.5 billion of SOL. At this point, when and how they will do so remain unknown.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
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