If you're a crypto native, you've likely seen memecoins explode in popularity all throughout 2024. Born from the new wave of internet culture and driven by community hype, memecoins have become an unexpected yet fascinating facet of the metaverse.
Over the last few years, we've seen Ethereum as the primary playground for these coins... But times have changed. Enter Solana: the lightning fast hotspot for some of the most popular memecoins in the market. But, why did we see this shift to Solana, and what makes it such fertile ground for these tokens?
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Buckle up; we're about to dive deep.
Emergence.
Back in the day (a few years in crypto time, which might as well be centuries), Ethereum was the go-to platform for memes. Think DOGE, SHIB and more recently, PEPE.
These memes captured imaginations and wallets alike, fueled by memes, celebrity endorsements, and a touch of absolute madness.
Ethereum's gas fees have always been a source of friction, however. Eventually, it became less feasible for small-time traders and developers to play the memecoin game. Then, along came Solana; with faster transactions, lower fees, and a burgeoning ecosystem.
Solana took away the friction from memes at a percent of the cost. It's no wonder initiatives began to flock to the ecosystem.
But which ones stand out the most?
Cats, Dogs & Everything Inbetween.
Now, let's get down to the nitty-gritty. Solana has seen its fair share of memecoins, with thousands of new coins launched every day, but a few standout players have captured the community’s attention and retained it over time.
Dogs: DogWifHat & Bonk
DogWifHat is no ordinary memecoin. It’s a token born from the Solana community itself aiming to build a decentralized ecosystem where memes drive not just laughs but utility. With a dedicated community and innovative features, Wif is proving that memecoins can be both fun and functional.
Bonk, on the other hand, took a different route. It has strong ties to the Solana community, and was vital to the metaphorical "revival" of the Solana community at its absolute lowest in December of 2023.
Bonk is not just a token; it's a movement. From distributing millions throughout the ecosystem to spearheading community-driven initiatives, Bonk is about giving back and harnessing the power of community.
Cats: Mew & Popcat
Mew was born from chaotic brilliance, and it didn't just ride the meme wave—it redefined it. From the rebellious logo to a fierce community of loyal patrons, Mew is a force to be reckoned with, within the landscape of the memecoin universe.
Then there's Popcat.
While other tokens were busy chasing the trends, Popcat gave the middle claw to convention. Much like Doge, it took a familiar, hilariously viral image and ran with it. Simplicity is the best thing going for Popcat, and it's impossibly hard to not chuckle at how charming the meme really is.
Celebrity Meta.
The buzz around Solana hasn't gone unnoticed in the world of mainstream entertainment, with the most notable and recent example being Iggy Azalea.
The famed rapper and songwriter recently announced her foray into the Solana space, alongside her own unique token.
There’s a lot to unravel with this new “celebrity” meta.
Here are a few key takeaways from the last few days:
Mass Attention: As of late, in the crypto world, Solana has been a hot topic. Iggy has 7.8M followers on X. So, naturally, her recent involvement with the chain has brought significant attention to the blockchain, inspiring celebrities and fans alike to dive alongside her into the madness… all while showcasing Solana's potential as a platform for creative and financial ventures.
Last Cycle’s Celebrity Meta: Last cycle, there were multiple, well known celebrities that were called out for alleged rug pulls on NFT projects and meme coins, with significant transaction details to back these claims. Most of these celebrities have completely moved on from their crypto projects, refusing to deliver upon the promises they made to their communities.
Which brings us to the next point:
Is this time different?: Notably after Caitlyn Jenner’s memecoin launches, Iggy Azalea engaged with the Solana community more thoughtfully, even going so far as to PFP a Mad Lassie, which at the very least, is interesting to observe.
Remember when Jay-Z PFP’d his crypto punk in 2021? He still hasn’t changed it…
Will we see more of this?
Is it a good thing?
And will it further the space’s quest for adoption?
Only time will tell.
Just Another Conclusion.
We used to share memes with our friends on Facebook. Now we literally trade them on the blockchain. The decentralized nature of these projects means that everyone has a voice—and they’re not afraid to use it.
Stay tuned to Tensor for all the latest within the Solana community whether it’s trending news or innovation, we’ll cover it.
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