According to Q1 data, Solana-based meme currencies have beaten Ethereum-based rivals by an incredible 800% year-to-date (YTD).
The CoinMarketCap 2024 H1 report identified meme coins as the most popular asset type, accounting for 22% of the market. Over the last eight months, the Solana (SOL) ecosystem has topped the rankings, followed by Ethereum (ETH) and AI tokens.
H1 reports show surge in meme coin popularity
During the meme coin surge, the Solana ecosystem had a 9.64% market share. The meme currencies have been consistent and in the green during the last week.
Dogwifhat (WIF) takes the lead after surging 12.34% in the previous 24 hours to become the top meme currency. After a protracted fall, its price has risen by 40.17% in the last week.
Furthermore, the paper noted that most SOL memes, which were introduced in late 2023 or 2024, outpaced ETH memes, which had already gained traction by 2023. SOL memes yielded an average return of 8,469%, whereas ETH memes yielded 962%. This rise might have been triggered by WIF and BONK rallies, culminating in a cycle of heightened interest and growth.
Billy (BILLY), a meme currency rooted in Solana, was just introduced on Pump.Fun has surpassed a $100 million market capitalization. As a result, it is currently the platform’s second biggest token.
The token’s adventure began in early June, when the creator sold all of his tokens in under 20 minutes. Despite the developer’s abrupt departure, the community took over the project. Their efforts are regarded as having helped catapult Billy to new heights.
Billy’s market capitalization varied approximately $72 million during the weekend. It fell to $60 million at the start of the week before rising 97% to $117 million on Tuesday. On the same occasion, Pump.fun surpassed Ethereum in daily income, reaching $2 million on June 30, 2024.
Famous popularity may have also raised Solana meme coins, enticing possible scammers who target famous accounts. Hackers recently hijacked Sydney Sweeney’s official X account to spread a bogus Solana-based joke currency.
The hijacked account announced a phony giveaway and token burn. The bogus posts underscore the persistent issues with bitcoin frauds.
Additionally, the Solana meme currency Michi increased by 18% after Ariana Grande uploaded an Instagram meme depicting the cat Michi and her song video.
Billy has now eclipsed Andrew Tate’s sponsored joke currency DADDY, which fell 1.4% and currently has a market capitalization of $71 million. This makes Billy the second-largest Pump.fun-launched coin, following only Michi, which has a market capitalization of $130 million.
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Toncoin (TON) vs. Cardano (ADA) on-chain data show gains
Toncoin and Cardano have led crypto asset increases this week, despite fluctuating prices in other markets.
The crypto market volatility continue to dominate the market, but assets such as Toncoin and Cardano shift away from unfavorable mood. Most key assets traded sideways during the last week as institutional investors exited the market. The status quo saw Bitcoin (BTC) price lingering around $61,000 before attempts to recover.
Toncoin and Cardano have showed potential ahead of the market, outperforming the top crypto assets by market value. At press time, the market capitalization had fallen 1.42% to $2.29 trillion, with Bitcoin and Ethereum experiencing 24-hour losses. The primary drivers of TON and ADA prices are optimistic on-chain fundamentals and important industry developments.
TON leads assets gainers
Toncoin rose 4.5% in the previous 24 hours, outperforming the larger market and adding to its recovery stats. In the last seven days, TON has gained 8%, wiping off prior losses. While most monthly figures for most assets fell, TON continued to rise to 22%. The asset flipped Dogecoin to become the eighth largest cryptocurrency by market capitalization, moving closer to a new all-time high.
TON is currently trading at $8.05, bringing its market capitalization to $19.8 billion, with volumes up 57% today. Toncoin reached a new all-time high of $8.24 last month and is currently 2.37% lower. With increased bullish interest, some users believe the asset will break over that level.
Toncoin gained popularity when Kazakhstan exchanges began trading the asset following regulatory permission. Similarly, Pantera Capital has boosted its investment in Toncoin.
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Cardano attracts growth
The community-dubbed ETH killer rose 3.5% to $0.418, bringing its market value to $14.9 billion. Weekly figures increased by 6%, but daily trade volumes rose somewhat. Overall, ADA has been optimistic recently because to anticipated network upgrades and an increase in on-chain traffic. Bulls believe that despite market swings, the asset will breach the current resistance level.
Shiba Inu coin set for reversal as burn rate hits 8500%
Shiba Inu coin’s token burn rate increased by 8500% today, potentially catalyzing a SHIB price comeback if important support levels hold.
In a remarkable change of events, the Shiba Inu (SHIB) coin burn rate increased by more than 8500% on Wednesday, July 3. However, the Shiba Inu currency is now experiencing a slump, having dropped from more than $0.000022 to less than $0.000017. Nonetheless, the current SHIB burn rise raises hopes for a SHIB price turnaround.
Shiba Inu coin burn rate skyrockets
According to Shibburn statistics, the Shiba Inu burn rate has increased by an incredible 8596.57% as of today. This resulted in the destruction of 17.71 million SHIB tokens. Furthermore, the large rise in the burn rate has piqued the interest of the crypto world, particularly given the presence of two well-known wallets.
The wallet 0x608 triggered the greatest burn, demonstrating constant engagement in the Shiba Inu burn effort. This wallet alone burnt an incredible 7.77 million SHIB tokens. Another wallet, 0xa2d, participated by sending 4.17 million SHIB tokens to a defunct wallet, essentially removing them from circulation.
Furthermore, some community members organized smaller SHIB token fires. The goal of burning Shiba Inu coins is to diminish the overall quantity, theoretically enhancing scarcity and maybe raising the token’s value. With so much SHIB taken from the market in a single day, there is rising anticipation that the SHIB price would rise.
Historically, fire occurrences have had a mixed influence on SHIB prices. While cutting supply can cause price rise, the actual effect is dependent on a number of factors, including market mood, total demand, and broader crypto market circumstances. In the short term, the revelation of such a high burn rate may instill some confidence and purchasing activity among SHIB investors, perhaps leading to a price gain.
Is SHIB price reversal ahead?
However, long-term price stability will be contingent on continuing community acceptance and widespread implementation of SHIB. The general success of the cryptocurrency market will also be important. These emotions are impacted by macroeconomic and regulatory events.
The price of SHIB just found brief support around $0.00001688. If this support level holds, Shiba Inu might rebound to $0.00002129, representing a 28% rise from its current position. However, if the price declines, it may find support below $0.000012. It’s also worth noting that $0.00002129 functions as a temporary resistance level.
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On Wednesday, July 3, the Shiba Inu price fell 1.17% to $0.00001695. While the famous dog-faced meme currency has a market capitalization of $9.99 billion. On the other hand, the 24-hour transaction volume for Shiba Inu coin increased 4.18% to $182.27 million.
The SHIB price is now trading below the 50-day and 200-day EMAs, indicating a bearish trend in both the short and long term. However, the SHIB Relative Strength Index (RSI) is currently at 32, indicating that the meme cryptocurrency may soon reach oversold territory. Historically, similar crises have boosted cryptocurrency values, notably Bitcoin (BTC).
