Solana Is 2024's Most Popular Blockchain, Fueled by Meme Coin Sensations Like WIF, BONK, And SLERF

Solana Is 2024’s Most Popular Blockchain, Fueled by Meme Coin Sensations Like WIF, BONK, And SLERF

Updated: 22 March 2024

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The Solana network is the most popular blockchain ecosystem this year as eruptions of meme coin mania around tokens like Dogwifhat (WIF) help fire it to prominence.

That’s according to new research by CoinGecko, which shows Solana accounting for 49.3% of global investor interest in chain-specific narratives.

“Solana ecosystem’s dominant mindshare has been fueled by Solana’s continued rally back to 2021 highs, alongside the strong performance of key ecosystem project tokens such as Pyth and native meme coins such as Dogwifhat,” it said.

Ethereum place second with almost a 13% share of global blockchain traffic for the year through Mar. 18, followed by BNB Chain with a little more than 5%, CoinGecko said.

Top 20 Most Popular Blockchain Ecosystems on CoinGecko

1. Solana
2. Ethereum
3. BNB Smart Chain
4. Cosmos
5. Avalanche
6. Arbitrum
7. Base
8. Sei
9. Sui
10. Polygon
11. TON
12. zkSync
13. Cardano
14. Polkadot
15. Metis
16. Fantom
17. Injective
18. PulseChain
19. Aptos
20. Hedera

— CoinGecko (@coingecko) March 20, 2024

The Solana Price Broke $200 For The First Time In Two Years

CoinGecko’s report comes after SOL recently surged past $200 for the first time in two years. It’s also recorded a surge in trading activity as investor frenzy around Solana meme coins skyrocketed.

Approximately $11 billion in transactions were executed on the Solana blockchain in just 24 hours on Mar. 18, according to a Mar. 21 Coinbase market update. The US exchange also said that these transactions were linked to a variety of smaller tokens, mainly meme coins.

Solana experienced a similar surge in trading volume on Mar. 16, when the total trading activity on the network hit $3.52 billion, $1.1 billion more than the activity recorded on Ethereum.

SOL even managed to briefly dethrone Binance Coin (BNB) as the fourth largest crypto by market cap before BNB reclaimed the position.

Binance Listing Pushed SOL Meme Coin Hype Into Overdrive

The hype around Solana meme coins spiked after Binance announced that it would list new meme coin sensation Book of Meme (BOME), causing the altcoin’s price to pump.

Along with its soaring value, BOME’s market cap soared from near zero to almost $1 billion within just two days of trading.

Hardly a day seems to pass without another Solana meme coin bursting on the scene, and yesterday DogWifCat became the latest token to explode with a 2,367% pump after launch.

”Much coin, such meme, add cat,” says the developer’s website. ”DogWifCat = so investment.”

Among other Solana meme coin stars to shine this year are the legendary Bonk (BONK), Myro (MYRO), Slerf (SLERF), and Smog (SMOG), which recently unleashed a $1 million airdrop that concludes on April 3.