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Solana’s BONK records an 11% price surge, kicking off October on a bullish note.
Key Notes
Solana’s meme coin market bounces back after a lackluster September, with BONK recording an impressive 11% rise at the start of October.Industry analysts believe that meme coins will contribute significantly to Solana’s growth, predicting the protocol to reach half of Ethereum’s market cap.For now, Solana outpaces Ethereum in key metrics, processing 3,000% more transactions and hosting over 1,300% daily users.Solana-based meme coins dogwifhat WIF $2.46 24h volatility: 0.6% Market cap: $2.46 B Vol. 24h: $1.26 B , Bonk BONK $0.0000 24h volatility: -1.4% Market cap: $1.70 B Vol. 24h: $747.33 M , and Pepe Coin PEPE $0.0000 24h volatility: -1.5% Market cap: $4.57 B Vol. 24h: $2.02 B kicked off October with notable price rallies, setting the stage for what crypto traders refer to as “Uptober”, a month historically known for bullish trends in the market.
Data from CoinMarketCap reveals that after a sluggish September, these three meme coins made a strong entry into the new month. As of October 1, BONK stood out as one of the top performers, recording an impressive 11% gain in the last 24 hours. WIF followed closely with a 10% increase, while PEPE posted a more modest 6% rise during the same period.
Solana Beats Ethereum in Transaction Volume
The rally of these Solana-based meme coins aligns with increased market optimism surrounding Solana’s ecosystem and its expanding array of meme tokens. Last week, analysts from MarketVector, the research arm of asset management firm VanEck, predicted that Solana SOL $152.9 24h volatility: -2.4% Market cap: $71.65 B Vol. 24h: $2.69 B could eventually capture 50% of Ethereum’s market share.
Ethereum ETH $2 571 24h volatility: -1.7% Market cap: $309.82 B Vol. 24h: $15.88 B , currently the second-largest blockchain after Bitcoin BTC $62 675 24h volatility: -1.8% Market cap: $1.24 T Vol. 24h: $32.64 B , boasts a market cap of $316 billion. However, analysts highlighted that Solana outperforms Ethereum in several key metrics, including transaction volume and user activity. Solana processes 3,000% more transactions and records 1,300% more daily active users than Ethereum.
Despite this, Solana’s current market cap sits at just 22% of Ethereum’s value. However, according to the analysts, the growing interest in Solana-based meme coins could help push the platform’s value closer to capturing half of the market cap.
Meme Coins on the Rise
Over the past week, these meme coins including WIF has gained significant momentum, supported by an active online community that has helped boost the token’s visibility across the broader Solana ecosystem. WIF’s price surged by approximately 40% during this period.
Similarly, BONK, which had been on a downward trajectory, also saw a resurgence, gaining renewed attention due to its decentralized and community-driven model. CoinMarketCap data shows that BONK jumped 45% in one week.
While PEPE lagged slightly behind its counterparts, the meme coin still recorded a 35% rise over the same timeframe.
In the political meme coin market, there has also been notable activity. The category’s market value grew by nearly 6% in the past day, reaching $6 million. Leading the charge was Trog the Trump Frog (TROG), which surged by 40%. Other Trump-themed meme coins, such as MAGA MAGA $0.0001 24h volatility: 18.1% Market cap: $34.97 M Vol. 24h: $15.63 M and MAGA AGAIN (MAGAA), also saw gains of 17% and 25%, respectively.
Other categories like cat-themed meme coins have seen impressive growth of nearly 10% increase in the past day.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
