- Solana has emerged as the biggest protocol by traffic sources, drawing on its memecoin explosion.
- Ethereum fell in total visits recorded on-chain as the focus shifted to L2 networks like Base.
Solana (SOL) has performed incredibly this year, recently topping the global traffic shares of blockchain. Solana’s 2024 success is largely attributed to soaring interest in memecoins built on top of the blockchain.
Solana Ranks First In Popularity
According to CoinGecko, Solana came first in traffic and investor interest, outperforming other blockchains in the top 20 position. Solana accounted for 38.79% of total global traffic shares, demonstrating its strong position in the crypto market. Coibase’s Layer-2 platform Base followed behind with 16.81%, bringing their shares to 55.6% as of November 11.
The other blockchains featured in the top five spots include Ethereum, Toncoin, and Sui, which recorded traffic shares of 10.76%, 6.2%, and 4.83%, respectively. It is important to note that CoinGecko’s study features only actively listed coins and includes a non-zero percentage share of traffic.
CoinGecko’s statistics revealed Solana ranked as the most popular blockchain since the first quarter of 2024 (Q1). The resurgence of interest in memecoins is a key contributor to Solana’s success.
Additionally, Solana entices many users with its speed, reliability, and low gas fees. Interestingly, Base has also benefited from the increased memecoin trading. However, Solana witnessed a 10% decrease in investor interest from Q1 to Q4. On the contrary, Base saw a fivefold increase. Despite this shift, Solana retained its first-place ranking in global traffic shares.
Per Ethereum, the altcoin’s traffic shares have fallen by 1.9% since Q1, 2024. This drop is probably due to Ethereum’s established platform status, which makes it less popular among investors. Additionally, investor attention is likely divided among the Layer 2 networks built on the blockchain.
Notably, the top 20 blockchain ranks accounted for 97% of investor interest, with the remaining 3% spread across 47 other blockchains.
Pump.fun’s Contribution to SOL’s Growth
The optimistic rally surrounding Pump.fun, a Solana-based memecoin launchpad, has contributed to Solana’s growth. As CNF reported, Pump.fun recently emerged as the fastest-growing app by revenue. The platform launched over 2.5 million SOL tokens between January and October 2024. As of November 14, it had issued 3.26 million memecoins. This success even saw it attract more users who want to catch the next gem.
Pump.fun leverages memecoins’ frequent association with cultural and social phenomena to boost engagement and profitability. The platform’s achievement has aroused rising interest from investors and experts looking to examine the trend’s long-term consequences.
Pump.fun has faced fierce competition and criticism despite its rapid expansion. As revealed in a CNF report, many crypto market participants have questioned the viability and ethics of memecoins. Some consider memecoins to be a reflection of speculative investment patterns. They argue that the venture can result in enormous gains for a few while leaving the rest with severe losses.
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