Solana Dominates Meme Coin Market as BNB Chain and Robinhood Clash
The meme coin market saw a significant surge on Thursday, adding nearly $3 billion to its total value. The sector is now worth $29.3 billion, up almost 10% in a single day.
Three blockchains - Solana, BNB Chain, and Robinhood Chain - are vying for a share of this increased activity. However, data from Thursday's trading suggests that only one of them is truly excelling.
A closer look at the numbers reveals that most of the $3 billion in meme token trades did not involve these three chains. Dogecoin (DOGE) led the way with $1.24 billion in trades, followed by Pepe (PEPE) and Official Trump (TRUMP). However, when it comes to decentralized exchange trades, Solana is the clear winner.
Solana processed $3.01 billion in trades over 24 hours, out-trading both BNB Chain ($1.25 billion) and Robinhood Chain ($510.8 million) combined. Its launchpad token, Pump.fun (PUMP), contributed significantly to this total, with $286 million in trades.
When it comes to fees earned by each chain, Solana again takes the top spot, earning $925,809 on Thursday. BNB Chain collected $689,745, while Robinhood Chain earned just $59,275.