Memecoins Dominated the Crypto Market in H1 2024, Eclipsing DeFi, NFTs, and Smart Contracts: CoinMarketCap Report

Memecoins were the most popular cryptocurrency category in the first half of 2024. Per the CoinMarketCap (CMC) H1 2024 report, memecoins eclipsed DeFi, NFTs

Memecoins took center stage in the cryptocurrency market during the first half of 2024, sparking a heated debate over Solana vs. Ethereum memecoins performance.

According to CoinMarketCap (CMC), memecoins left DeFi, NFTs, and smart contracts in the dust, capturing the lion’s share of market interest.

“Meme Coins accounted for ~23% of page views on CoinMarketCap, with over 25 million in June.”

Source: CMC

Solana memecoins, fueled by anti-establishment sentiment towards VC-based tokens, dominated the memecoin landscape.

‘In the Solana (SOL) ecosystem, meme coins reign, symbolizing a rush into speculative assets. Retail investors are prioritizing quick gains over VC-backed high FVT projects, indicating an anti-establishment sentiment’

Solana vs. Ethereum: Memecoins performance

The immense popularity of Solana memecoins, such as Dogwifhat [WIF], Bonk [BONK], and GameStop [GME], propelled Solana past Ethereum [ETH] in a key metric.

On average, Solana-based memecoins outperformed their Ethereum counterparts by a staggering 8X year-to-date (YTD).

“SOL memes outperformed ETH memes significantly, returning an average of 8,469% vs 962% for Ethereum.”

Source: CoinMarketCap

Solana’s massive success in this domain was largely attributed to the explosive rallies of WIF and BONK.

“This is likely due to the rush of speculative capital from other chains, attracted by the explosive rallies of WIF and BONK, causing more memes to pump and attracting even more capital and attention.”

However, as Bitcoin’s [BTC] price action faltered, Solana memecoins faced a setback at the start of the second half of 2024.

As reported, BTC dropped below the $58K level, leading to an 18% decrease in the market cap of Solana-based memecoins over the past 24 hours, which stood at $6.32 billion at press time.

Moreover, WIF and Popcat [POPCAT] experienced double-digit losses on the daily timeframe.

WIF declined by 10% and was trading at $1.79, while POPCAT dropped by 17% and was valued at $0.4.

The ongoing crypto market sell-off could potentially amplify sell pressure and losses in the memecoin segment.

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