There is a growing sentiment that minting and trading meme coins on Ethereum is no “longer viable” since Solana is emerging as a potential alternative, looking at recent on-chain activity. This shift in dynamics is evident in the recent success of Solana-based meme coins like BONK, which has captured significant attention within the cryptocurrency community.

Solana Dominating Meme Coin Activities

Taking X on January 15, a user, Moon, highlighted this development, backing Solana as the “ultimate retail chain” for meme coins. The crypto trader added that trading meme coins in Ethereum doesn’t make “sense.” 

Moon alludes to Ethereum’s high gas fees and slower processing speeds through these remarks. Considering the nature of meme coins, these factors make it impractical for their trading. Accordingly, activity appears to be migrating towards Solana, whose on-chain gas fees are significantly lower.

Technically, Solana’s scalability and affordability are well-suited for the volatile and rapidly evolving meme coin market. The platform’s ability to process transactions at a significantly higher rate than Ethereum and its lower transaction fees make it an attractive platform for meme coin enthusiasts seeking faster and more cost-effective trades.

The growing popularity of Solana as a meme coin hub is evident in the recent success of BONK. To illustrate, the meme coin was one of the top performers, gaining more than triple-digit gains when it was listed in some of the world’s largest crypto exchanges, Binance and Coinbase. 

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Author: Dalmas Ngetich

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