A memecoin frenzy has once again pushed Solana trading volumes higher than those on Ethereum.

Solana generated $2 billion in volume while Ethereum generated $1.8 billion in the last 24 hours. The blockchain with the next highest volume generated was BNB Chain with $789 million.

Dexscreener, an analytics platform monitoring trading on decentralised exchanges, reports that within the top 20 trading pairs, Solana’s memecoin volume reached $178 million, surpassing Ethereum’s $138 million over the past 24 hours.

The top memecoins by volume in the last 24 hours on Solana are WIF, POPCAT, BONK, TRUMP and WEN. All of these memecoins, besides TRUMP, were launched over a month ago.

Memecoins are cryptocurrencies that draw their inspiration from internet memes, pop culture phenomena, and trends that have gone viral.

This ongoing competition underscores a significant shift in onchain trading, highlighting Solana and Ethereum’s rivalry in becoming the dominant platform for memecoin trading.

This tug of war not only reflects the dynamic nature of cryptocurrency markets but also points to the growing influence of memecoins in shaping trading volumes and platform preferences.

The first time Solana surpassed Ethereum in trading volume was on December 14, and since then it has passed Ethereum’s volume on 11 different days.

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The usual suspects

While trading volumes during Solana’s boom in December were dominated by an influx of newly launched coins, mostly memecoins, this is no longer the case.

Newly created tokens on Solana in December peaked at 7,900, while today, only 2,500 new tokens were created on Solana. This shows that trading volumes on Solana are concentrated in already existing coins.

One memecoin that has made a dramatic comeback is dogwifhat, WIF, a memecoin created referencing a popular internet meme of a dog in a pink knitted hat.

WIF reached an all-time high on February 14 of $0.46 before falling 39% to $0.28 on February 23. Since then, WIF rallied 571% to reach $1.88 earlier today.

Another Solana darling memecoin, BONK, experienced similar price gains. BONK is up 51% on the day, reaching an all-time high of $0.000045, giving it a fully diluted valuation of over $3.6 billion.

Similar gains were seen with Ethereum memecoins last week, with some of those memecoins, like PEPE and DOGE, continuing their gains into this week.

Got a tip about DeFi? Reach out at ryan@dlnews.com.