After a slow September, the Solana meme coin market is back on track, with BONK seeing a massive 11% rise at the start of October (Uptober).
Dogwifhat, Bonk, and Pepe Coin, meme coins based in Solana, began October with significant price increases, establishing the foundation for “Uptober,” a month that has historically been associated with bullish market trends, as crypto traders refer to it.
These three meme coins made a strong entry into the new month after a sluggish September, according to data from CoinMarketCap. BONK was one of the top performers as of October 1, with a remarkable 11% increase in the past 24 hours. During the same period, PEPE documented a more modest 6% increase, while WIF followed closely with a 10% increase.
Solana surpasses Ethereum in terms of transaction volume
The increase in market optimism regarding Solana’s ecosystem and its expanding array of meme tokens is consistent with the rally of these Solana-based meme coins. Analysts from MarketVector, asset management firm VanEck’s research arm, predicted that Solana could eventually capture 50% of Ethereum’s market share last week.
Ethereum, the second-largest blockchain after Bitcoin, has a market capitalization of $316 billion. Nevertheless, analysts emphasized that Solana outperforms Ethereum in several critical metrics, such as transaction volume and user activity. There are 3,000 times more transactions processed and 1,300 times more daily active users recorded in Solana than Ethereum.
Despite this, Solana’s current market capitalization is only 22% of Ethereum’s value. Nevertheless, the analysts believe the platform’s value could be driven closer to capturing half of the market cap due to the increasing interest in Solana-based meme coins.
The popularity of meme coins is on the rise
The token’s visibility within the broader Solana ecosystem has been significantly enhanced by an active online community, contributing to the significant momentum these meme coins, including WIF, have gained over the past week. During this period, the price of WIF experienced a 40% increase.
Similarly, on a downward trajectory, BONK experienced a resurgence, attracting new attention due to its community-driven and decentralized model. The data from CoinMarketCap indicates that BONK experienced a 45% increase in value within a week.
Although PEPE was slightly behind its counterparts, the meme coin experienced a 35% increase during the same period.
Notable activity has also occurred in the political meme coin market. In the past day, the market value of the category increased by nearly 6%, peaking at $6 million. Trog the Trump Frog (TROG) was the first to surge, with a 40% increase. MAGA and MAGA AGAIN (MAGAA), also meme coins themed around Trump, experienced gains of 17% and 25%, respectively.
Other categories, such as cat-themed meme coins, have experienced a remarkable increase of nearly 10% in the past day.