In the race to be the best customizable layer-1 blockchain, Solana (SOL) has risen quickly, often beating Ethereum (ETH) in decentralized exchange (DEX) volume. Market analyst @WazzCrypto on X says that dealing meme coins makes up about 92% of Solana’s DEX volume.
Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the 20 most valuable cryptocurrencies by market value, showing how popular meme coins have become in the crypto world. Along with these prominent meme coins, other tokens in the Solana ecosystem have become popular, such as BONK and dogwifhat (WIF).
Solana’s Meme Coin Dominance
Even though it had problems earlier this year, like congestion issues that made developers look for other options, Solana’s low fees and high throughput have brought in a lot of new meme coins. This surge has caused fees to be collected, but it has also made it hard to grow.
Wazz data from recently shows that meme coins’ dominance on SOL has skyrocketed from 25% in November 2023 to 90% now, showing how much of an effect they have on the network.
Even though well-known DeFi apps like Jito and Marinade Finance help SOL handle a lot of transactions, sustainability is still an important problem. Also, Ethereum’s acceptance of its first spot ETF in the U.S. makes the race for blockchain supremacy even tougher.
As Solana continues to change, it will be hard to make sure it can stay alive in the long term in the competitive blockchain world.
