Whether in terms of price performance or ecosystem development, the competition between Ethereum and Solana often becomes a focal point of attention. In this significant bull market driven by MEME trends, what characteristics and trends do MEME tokens from both camps exhibit?

After comparing the market performance of leading and popular MEME projects on Ethereum and Solana, PANews found that Ethereum, as the early origin of MEMEs, has gained a higher market share and recognition due to its stronger capital and user base. Additionally, the diversification of MEME types on Ethereum more easily meets the needs of different players. On the other hand, MEMEs on Solana are adept at quickly leveraging trends to capture traffic, while also demonstrating stronger price explosiveness and capital attraction.

Battle of the MEME Leaders: Ethereum Boasts Stronger Community Base and Consensus, While Solana Shows More Pronounced Short-Term Wealth Effect

MEME has gradually become an important sector in the crypto market. According to recent data from Forbes citing CoinMarketCap, during the crypto rally in the first half of 2024, the market performance of coins like WIF, PEPE, and FLOKI surpassed that of mainstream tokens such as Bitcoin and Ethereum. Additionally, CoinGecko’s Q2 2024 report indicated that MEME was the most popular narrative of the quarter, with related tokens occupying 14.3% of the market share.

Among these, Ethereum and Solana are undoubtedly the main battlegrounds for MEME coins. According to PANews statistics, as of July 16, the total market cap of MEMEs had exceeded $54.1 billion, with a daily trading volume of nearly $7.87 billion. The top 10 MEME projects mostly come from Ethereum and Solana, with a combined market cap of over $44.55 billion, accounting for 82.2% of the total.

From various data points, including market share, development time, user volume, and type, it is evident that the leading MEMEs on Ethereum have an absolute market advantage and a strong community base, while Solana has shown a strong wealth effect this year.

Among the top 10 MEME projects by market capitalization, half are from Ethereum, with a total market cap of $37.55 billion, accounting for over 69.4% of the market share. On the other hand, 40% of MEME projects come from Solana, with a combined market cap of approximately $5.53 billion, accounting for 10.2% of the market share. This reflects the current market’s higher recognition of the value of Ethereum MEMEs compared to Solana.

In terms of launch time, the high-market-cap MEMEs on Ethereum were launched earlier, with DOGE being the earliest, launched in December 2013, and also having the highest market cap. In contrast, the breakout MEMEs on Solana generally have shorter launch times, with the earliest project being BONK, launched in December 2022. Comparatively, Ethereum MEMEs have undergone longer market testing, which helps establish consensus around the projects.

The number of holding addresses also indicates that Ethereum MEMEs have a deeper user base and higher community recognition. According to PANews statistics, as of July 16, the total number of addresses for the top 10 MEMEs exceeded 10.494 million, with the most held projects being DOGE, SHIB, and BRETT. Ethereum MEMEs account for about 8.793 million addresses, or 83.8%, while Solana has only 1.045 million addresses, or 9.9%. This is largely due to Ethereum MEMEs having a longer development history, allowing their projects to experience significant early growth phases.

In terms of the investment returns of the top 10 MEME projects, their average growth rate this year reached 1890.8%, mainly driven by the extraordinary growth of POPCAT and MOG. Specifically, Ethereum MEMEs increased 13.2 times, while Solana MEMEs rose nearly 30.4 times. Currently, Solana exhibits a higher wealth effect, making it easier to attract users and capital, but this is also influenced by the later launch times and smaller market size of its MEME projects. However, there is no significant difference in the resilience of leading MEMEs on Ethereum and Solana, with Ethereum’s average drawdown being 46.1% and Solana’s exceeding 47.6%.

Popular MEME Capture: Solana Excels at “Playing with Trends,” While Ethereum Has Higher Recognition

Capturing trending themes often helps investors grasp market dynamics, significantly influencing player participation. MEMEs, as a typical representative of the attention economy, are particularly prone to becoming hot topics for speculation due to their popularity. In this section, PANews compares the market performance of five popular MEME projects with the same name on Ethereum and Solana, considering aspects such as launch time, market capitalization, price fluctuations, and liquidity.

Timing can significantly influence capital retention and profitability, making the sensitivity to trend capture an essential consideration for MEME players. From the perspective of launch times, MEME projects on Solana, such as FIGHT and FEAR NOT, often start earlier than those on Ethereum. This suggests that Solana might be more appealing to MEME players.

The trading volume of popular MEMEs also shows that Solana attracts more on-chain players and funds compared to Ethereum. According to DEX Screener data, in the past 24 hours, the top 20 MEME trading pairs on Solana had a trading volume exceeding $280 million, accounting for 15.5% of the daily trading volume, whereas Ethereum accounted for 9.3%, or $190 million.

Higher returns also make Solana more attractive to players. Among these five MEME projects, the average return rate on Ethereum increased by over 43.6 times, while Solana saw an increase of over 78.2 times. Additionally, the maximum drawdown shows that Solana’s average maximum loss rate of 63.9% slightly outperformed Ethereum’s 67.7%, indicating better risk resistance.

However, MEMEs on Solana face liquidity issues and have a significant market cap gap compared to Ethereum. Liquidity is a crucial factor for players in asset allocation and trading decisions, and sufficient liquidity often demonstrates greater resilience. For these five MEMEs, liquidity performance on Ethereum is better than on Solana, with some projects showing more than ten times the difference. For example, Ethereum’s MAGA has 15.5 times the liquidity of Solana’s MAGA. Market cap also reflects market acceptance, with Ethereum MEME projects having a significantly higher market cap than Solana. For instance, although FIGHT launched on both Ethereum and Solana within two hours of each other, the former’s market cap is 5.5 times higher than the latter’s.

Furthermore, the diversity of MEME types on Ethereum compared to Solana impacts player engagement. According to DEX Screener tracking data, in the past 24 hours, the top 20 MEME trading pairs on Solana, aside from some PoliFi concepts like Trump and J.D. Vance, are mainly animal-themed such as cats and dogs. Ethereum also features Trump and J.D. Vance-themed MEMEs but offers a greater variety of related projects, including frogs, cats, and dogs, with many PEPE derivatives.

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