6 out of top 13 memecoins now on Solana – Here’s why it matters

• Solana memecoins are leveraging their underlying technology to shift from a hype-based perception to one focused on utility
• This shift gives them a unique identity over other alternative assets

Since their inception, memecoins have evolved into a distinct asset class, shedding their reputation as highly volatile tokens. 

Among the various blockchains hosting these assets, Solana-based memecoins have gained significant traction. In fact, 6 out of the 13 top memecoins by market cap are based on the Solana network.

Reiterating this, Solana’s co-founder Anatoly Yakovenko recently credited memecoins for enriching Solana’s bandwidth. This has helped push it to compete against its biggest rival, Ethereum, across various metrics.

And yet, the last 24 hours haven’t been favorable for the memecoin community. Altcoins have recently captured the spotlight, reigniting concerns over the volatility of memecoins and their lack of real-world applications.

This has once again brought the debate of their long-term value into focus.

Can Solana memecoins change the narrative?

Over the last 30 days, memecoins have taken a hit as high-cap alternatives surged ahead, offering real-world use cases and more affordable options for investors. Now, while many altcoins have since regained momentum and broken key psychological levels, DOGE, the largest memecoin, has remained stuck in a narrow price range.

However, there’s a standout – Solana-based memecoin PNUT has soared by an impressive 4-digit % jump, capturing attention in this volatile market.

Source : CoinGecko

These Solana-based memecoins are leveraging the network’s high throughput to speed up transactions, helping to separate themselves from the general skepticism surrounding meme tokens.

As a result, Solana’s memecoin market cap has surged to an impressive $20 billion, following a 3.6% hike in 24 hours, with the trading volume spiking to $7 billion.

In short, Solana memecoins are not only offering entertainment but also increasing utility by using the underlying blockchain technology to power their use cases, giving investors more than just hype.

So, can they overshadow altcoins?

It has been a long-running debate among analysts regarding which asset will lead the charge of a ‘supercycle’ once Bitcoin breaks its psychological resistance levels.

According to AMBCrypto, each asset class has unique strengths that distinguish it from its rivals. 

Read Solana’s [SOL] Price Prediction 2024–2025

While altcoins highlight their use of smart contracts, Web3 infrastructure, gaming applications, and other utilities, memecoins thrive on strong community support and the allure of high rewards in a short timespan. This makes them ideal for short-term gains.

Therefore, despite the market shakeup that has upset major memecoins as altcoins take the lead, a reversal remains possible. Especially given PNUT’s strong performance and the growing foothold of Solana-based memecoins.