Bitcoinist experts compared meme tokens Solana and Cardano
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Johny Smith
2024/11/10
3 mins read
Demand for meme tokens built on the Solana blockchain has increased dramatically in recent months. Currently, they can impose direct competition on core assets issued on the Ethereum network. Many experts also report that even Dogecoin could be challenged. It remains the flagship of the meme segment, but already has strong competitors in the form of Pepe and Shiba Inu.
In 2024, users issued many coins on the Solana network. The trend intensified after the coin began to show steady growth late last year. Judging by CoinGecko data, the total capitalization of meme tokens issued on the Solana network is estimated at approximately $11 billion. Literally over the past 24 hours, this figure has increased by another 5%.
The most valuable asset in the ecosystem Solana remains dogwifhat. The market capitalization of the coin is estimated at $2.8 billion. Bitcoinist specialists noted that they are in quite high demand Bonk and Popcat. At the moment, the total capitalization of these assets exceeds $1 billion.
The active expansion of meme tokens on the Solana network suggests that they are closing the price gap with Cardano. The coin is currently trading at $0.35. Against this background, the asset fell out of the top ten ranking of digital coins by capitalization level. According to Token Unlocks metrics, the Cardano platform has unlocked approximately 85% of all tokens for investors, developers and stakeholders.
From the point of view of the development of the ADA ecosystem, this can be perceived as a positive factor. However, from a technical perspective, such a situation may provoke increased pressure from sellers, which will negatively affect the market value of tokens. Cardano is in a downtrend. Since March of this year, it has lost almost 60% in value.
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