Solana surpasses Ethereum

LUCKNOW ( — In an overnight resurgence, a memecoin mania swept through the cryptocurrency markets. This propelled Solana’s trading volume to surpass Ethereum. Data reveals that within the past 24 hours, Solana generated $2 billion in trading volume, overshadowing Ethereum’s $1.8 billion. The BNB Chain followed with a distant $789 million in volume.

Solana trading volumes
Solana on-chain volumes. Source: Defi Llama

WIF, POPCAT, BONK, TRUMP, and WEN Top the Charts

According to Dexscreener, an analytics platform monitoring decentralized exchanges, Solana’s memecoin trading accounted for a whopping $178 million within the top 20 trading pairs. It surpassed Ethereum’s $138 million over the same period.

The top memecoins by volume on Solana in the last 24 hours were WIF, POPCAT, BONK, TRUMP, and WEN. Remarkably, all these memecoins, except for TRUMP, were launched over a month ago. 

Memecoins are cryptocurrencies inspired by internet memes, pop culture phenomena, and viral trends. This ongoing tug-of-war between Solana and Ethereum for dominance in the memecoin trading arena highlights a significant shift in on-chain trading dynamics. It underscores the fierce rivalry between these two platforms. 

The competition reflects the dynamic nature of cryptocurrency markets and points to the growing influence of memecoins in shaping trading volumes and platform preferences.

Notably, this is not the first time Solana has surpassed Ethereum in trading volume. On Dec. 14, 2024, Solana first overtook Ethereum, and since then, it has exceeded Ethereum’s volume eleven times on a daily timeframe.

Newly launched coins, primarily memecoins, were the main reason behind Solana’s boom in December, the current situation is different. Today, only 2,500 new tokens were created on Solana, compared to the peak of 7,900 in December. This indicates that trading volumes are now concentrated in already existing coins.

Dogwifhat (WIF) Rallies 571% in Recent Surge

One memecoin that has made a dramatic comeback is Dogwifhat (WIF).

It’s a memecoin featuring a dog in a pink knitted hat. WIF reached an all-time high of $0.46 on February 14 before falling 39% to $0.28 on February 23. However, since then, WIF has rallied 571%, reaching $1.88 earlier today. However, undeterred by the temporary setback, WIF staged a 571% rally, propelling it to a staggering $1.88 earlier today. 

WIF/USD price chart. Source: TradingView

Joining the ranks of Solana’s memecoin darlings, BONK experienced a similar meteoric rise. In a single day’s trading frenzy, BONK surged 51%, reaching an all-time high of $0.000045. This remarkable feat elevated BONK’s fully diluted valuation to $3.6 billion. 

BONK/USD Price Chart. Source: TradingView

The memecoin craze extended beyond the realms of Solana, as Ethereum’s meme-inspired tokens also partook in the exorbitant price action. Last week witnessed substantial gains for notable memecoins like PEPE and DOGE, with their upward momentum carrying over into the current trading week.

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