Solana Memecoins Popcat and Dogwifhat Are Soaring In 2024 — One Even Surged 12882% But Why Are Ethereum-Based Shiba Inu And Floki Lagging?
By Benzinga
The cryptocurrency market is set to enter the last quarter of the financial year, and memecoins have already been the star performers.
What happened: A plethora of tokens inspired by dogs and cats have netted massive returns to their holders year-to-date.
Interestingly, Solana (CRYPTO: SOL) has taken the lead over Ethereum (CRYPTO: ETH), the traditional home of world-beating memecoins.
Cat-themed Popcat has been the market’s best performer this year, exploding an eye-popping 12882% this year. The coin became the latest entrant to the billion-dollar memecoin club, with a 13% spike in the last 24 hours.
Dog-themed dogwifhat occupied the third spot in top gainers list, lifting 1108% since 2024 began. The token reclaimed its $2 billion market capitalization with a 15% jump in the last 24 hours.
Overall, the total market capitalization of Solana-based memecoins surged to nearly $8 billion as of this writing, according to data from CoinGecko.
| Blockchain | Cryptocurrency | Gains YTD +/- | Price (Recorded at 11:45 p.m. EDT) |
| Solana-Based | Popcat (POPCAT) | 12882.01% | $1.05 |
| dogwifhat (CRYPTO: WIF) | 1108.91% | $2.07 | |
| Bonlk (CRYPTO: BONK) | +44.90% | $0.00001933 | |
| Ethereum-Based | Pepe (CRYPTO: PEPE) | +521.07% | $0.000008726 |
| Floki (CRYPTO: FLOKI) | +292.63% | $0.0001444 | |
| Shiba Inu (CRYPTO: SHIB) | +45.03% | $0.000015 |
Ethereum, which saw the first wave of memecoins, underperformed in comparison, although popular frog-themed cryptocurrency Pepe witnessed massive upsides, rising 521%.
Canine-themed Floki, which initially launched on Ethereum as an ERC-20 token, also soared 292% year-to-date. Today, the coin is also available on BNB Chain (CRYPTO: BNB).
However, traditional heavyweights like Shiba Inu and Dogecoin (CRYPTO: DOGE) were restricted, increasing by just 45% and 23%, respectively.
Note that Dogecoin operates on a separate chain, with the underlying technology derived from Litecoin (CRYPTO: LTC).
The overall memecoin market was worth nearly $48 billion as of this writing, with Dogecoin’s dominance at 33%.
Price Action: The memecoin frenzy appeared to rub on Solana’s native token, SOL, as the coin rose 3.51% in the last 24 hours, according to data from Benzinga Pro. Ether was muted, with marginal gains of 0.50% as of this writing.
Photo by Avi Rozen via Shutterstock
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