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Solana-based memecoins are leveraging the network’s strengths to challenge altcoins and reshape the market.
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This shift gives them a unique identity over other alternative assets.
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Reiterating this, Solana’s co-founder Anatoly Yakovenko recently credited memecoins for enriching Solana’s bandwidth.
Explore how Solana memecoins are changing the narrative in the crypto market, leveraging unique technologies to stand out from volatile altcoins.
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 COINOTAG, each asset class has unique strengths that distinguish it from its rivals.
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.
Conclusion
As Solana memecoins carve out their niche in an increasingly competitive landscape, their ability to merge entertainment with genuine utility may well redefine investor perceptions. With increasing market cap and innovative use cases, they pose a potential threat to the dominance of traditional altcoins, making the coming months crucial for their sustained growth.
