Solana Rises, but Ethereum Still Rules the Meme Coin Sector

Meme coins, known for their wild price swings and absurd origins, are gaining significant attention in the crypto sector.

Meme coins, known for their wild price swings and absurd origins, are gaining significant attention in the crypto sector. They are not yet the largest category of tokens, ranking 21st in market cap. Despite that, their unpredictable growth is creating so much hype, with 2025 looking like a potentially pivotal year for major rallies.

The rise of meme coins has been anything but stable. Both Ethereum and Solana are leading the way with their standout tokens. While Ethereum’s SPX6900 (SPX) token soared 13,067% year-to-date, Solana’s POPCAT grabbed attention with a 6,000% rally in 2024. As the competition heats up, investors are watching closely to see which chain will dominate.

POPCAT, a star among Solana’s meme coins, hit its all-time high of $2.10 on 17 November but has since dropped 67% to $0.74. The road to recovery looks challenging unless the token reclaims $1.00 as support. However, experts see the potential for a rebound, driven by Solana’s growing narrative in the meme coin space.

Highlighting Solana’s impressive growth, Lennix Lai, CCO at OKX Global, noted that Solana continues to see over 250,000 new tokens weekly, far outpacing any other network. Specifically, 272,000, 276,000, and 251,000 tokens were launched on DEXs over the past three weeks, respectively.

Lai attributed this success to Solana’s low costs and near-instant transaction finality, which helped fuel a wave of innovation in 2024.

Solana Rises, but Ethereum Still Rules Meme Coins

While Solana’s tokens gained traction, Ethereum remains the original home of meme coins, hosting giants like Dogecoin and Shiba Inu. The breakout token in this domain, SPX6900, surged to become one of the 15 largest meme coins, with a current market cap of $710 million. However, at $0.76, SPX has struggled to cross the $0.90 resistance for months.

For SPX to regain its momentum, flipping $0.90 is crucial to revisit its all-time high of $0.99, which is nearly 22% above its current value. Losing support at $0.56 could spell trouble for SPX holders, potentially triggering a sell-off as investors rush to secure their gains.

Moving on to Base Chain, its meme coins have lagged behind Ethereum and Solana. However, Brett (BRETT) emerged as a surprise, skyrocketing 245% in a year. Currently trading at $0.133, the coin is still 40% far from its peak of $0.235, which it last saw on 1 December.

BRETT’s performance depends on broader market trends, but its critical support level at $0.100 appears to be holding strong for now. Any drop below this level could erode investor confidence, highlighting the challenges Base Chain faces in competing with the likes of Ethereum and Solana.

2025: The Year of Meme Coin Giants

As Ethereum benefits from its legacy, Solana is building a strong case for itself as the future hub for meme coins. With cheaper costs and faster transactions, Solana is luring creators and investors alike. Meanwhile, Ethereum’s established reputation gives it an edge, although its higher fees could push enthusiasts toward its rival.

Meme coins may still be niche, but their stories of astronomical gains and sharp falls are keeping a close grip on the attention of investors. Whether Solana, Ethereum, or Base Chain leads the charge in 2025, one thing is clear: the meme coin craze is far from over.