When the next "election event" occurs, should I buy Meme on Solana or Ethereum?
Ethereum and Solana are recognized as the chains that profit the most from memes, but if you had to choose one, which would you pick?Author: Luccy, BlockBeats
As soon as the news of the Trump shooting case broke, dozens of memes sprang up. FIGHT and EAR quickly became the new round of hundred-fold coins, but not everyone could catch the first wave of meme price increases in time. If you are unwilling to wait for the next explosive moment, you need to seize the opportunity to get on board. Ethereum and Solana are recognized as the chains that make the most profit from meme coins, but if you had to choose one, which would you pick?
A few sets of data to see which meme is stronger?
In the recent meme craze, event-based memes, celebrity coins, and PolitiFi are the main categories of memes. Among them, the three representative memes that exist on both Solana and Ethereum are GME, JENNER, and FIGHT.
BlockBeat selected the three best-performing meme coins on Solana and Ethereum and conducted a comparative analysis based on issuance efficiency, liquidity, and duration.
Time Efficiency Comparison: Solana Has a First-Mover Advantage
Time efficiency refers to how quickly memes are released on Solana and Ethereum after relevant events occur. Due to the severe PvP phenomenon in memes, whoever issues the coin first is more likely to attract funds; the earlier buyers enter, the easier it is to profit.
On May 13, GameStop's stock surged, and GME became the hottest speculative target as the "retail stock god" Roaring Kitty returned to the public eye after three years. Since GME was not a new concept, the original GME token was deployed on Solana, and later, a new GME was deployed on Solana around 6 PM on the 13th, while the first GME on Ethereum was released at 12:30 PM that day.
The left image is the new GME on Solana, and the right image is the GME on Ethereum.
However, in the case of launching a completely new concept, the lowering of the meme release threshold by Pump.fun undoubtedly made Solana the fastest public chain for meme releases.
On May 27, Caitlyn Jenner, the father of the Kardashians and a transgender woman, used Pump.fun to release the meme coin JENNER and tagged a series of crypto community meme OGs like Ansem and Paul in the comments to hype the token. After JENNER ignited the "celebrity coin" concept, the same-named meme on Ethereum only appeared three days later.
The left image is JENNER on Solana, and the right image is JENNER on Ethereum.
On July 14, during a campaign rally, Trump was shot in the ear while being shielded by security, raising his right fist and shouting "Fight." Within just 15 minutes after the news release, 24 FIGHT tokens surged on Solana, with the best-performing FIGHT released at 6:50 AM on the 14th. Although the number of FIGHT tokens on Ethereum was comparable to Solana, the earliest meme appeared at 9 AM on the 14th, two hours later than Solana.
The left image is FIGHT on Solana, and the right image is FIGHT on Ethereum.
Liquidity Comparison: Ethereum Has Better Liquidity
Liquidity is the most intuitive indicator of a coin's basic information, reflecting its growth potential and the ease of buying and selling. High liquidity assets indicate that they "have price and market," allowing investors to trade flexibly; conversely, low liquidity means that assets "have price but no market," making them difficult to sell.
On one hand, due to the fading hype around GME, liquidity has basically exited. On the other hand, as mentioned earlier, GME is not a new concept, and most of its liquidity is concentrated in the original token, so this comparison only looks at the newly released GME.
Both GME tokens on Solana and Ethereum have liquidity of less than ten million, but the liquidity of GME on Ethereum is still about 80 times that of Solana. The trading volume of GME on Ethereum is still $250,000, with buy and sell orders roughly balanced, while the trading volume of GME on Solana has dwindled to only $690.
The left image is the new GME on Solana, the middle image is the original GME on Solana, and the right image is GME on Ethereum.
Although JENNER on Ethereum was released three days later than on Solana, its liquidity is not worse than Solana's, even slightly leading with $293,000 in liquidity, and its trading volume is six times that of Solana. Since its release, the market cap of JENNER on Ethereum has reached $2 million, while the market cap of JENNER on Solana is only $709,000, about one-third of Ethereum's.
The left image is JENNER on Solana, and the right image is JENNER on Ethereum.
FIGHT was launched during a prolonged market slump and is still in the hype phase. Although FIGHT was first launched on Solana and reached a peak increase of over 600 times, liquidity is gradually concentrating on Ethereum, which has a liquidity of $1.4 million, about twice that of Solana. However, the market cap of FIGHT on Solana is relatively low, with buy orders exceeding sell orders, while the buy and sell orders on Ethereum are nearly balanced.
The left image is FIGHT on Solana, and the right image is FIGHT on Ethereum.
Duration Comparison: Ethereum's Price Increase is More Sustained
Unlike JENNER and FIGHT, GME was a concept that existed before the sudden event, so in the subsequent hype, the "GME consensus" in the crypto market gradually concentrated on Solana's "old GME," remaining synchronized with the high position of the US stock GME.
However, if we only compare the many new "GME clones," it can still be seen that the GME deployed on Ethereum is favored by more degens due to "Ethereum ecosystem + low circulating market cap," achieving dozens of times price increases in two days, while the new coins in the Solana ecosystem quickly withered after a short-term rise, surviving only one day.
The left image is the new GME on Solana, and the right image is GME on Ethereum.
JENNER achieved a 160-fold increase on Solana in just one night, but after only three days of issuance, it showed a clear trend towards zero. In contrast, JENNER on Ethereum reached a local peak three days after its release, and on June 11, more than a week after its issuance, it was still able to reach a price of $0.007, breaking new highs, and it maintained around $0.005 for several weeks before starting to show a significant downward trend in early July.
The left image is JENNER on Solana, and the right image is JENNER on Ethereum.
FIGHT is the hottest Trump-themed meme in recent days, with the FIGHT on Solana showing three rising peaks. The first peak appeared at 11:45 AM on the 14th, maintaining a price around $0.004 for nearly an hour before starting to decline. Six hours later, the price rebounded from a low of $0.002, and around 10:30 PM, FIGHT surged to a local high of $0.013. Subsequently, sell orders increased, and FIGHT experienced a significant drop again, rebounding early today.
The FIGHT on Ethereum has been in an upward trend since its release, with a price of $0.034 at the time of writing, achieving a 164-fold increase. Although it is not as high as Solana's 400-fold increase, its trend is much safer and healthier.
The left image is FIGHT on Solana, and the right image is FIGHT on Ethereum.
Memes Still Hold Hundred-Fold Opportunities
From GME to JENNER to FIGHT, the issues with meme speculation are becoming increasingly apparent, namely the proliferation of similarly named tokens. This is partly due to platforms like Pump.fun lowering the barriers for meme releases. When you open a DEX and face dozens or even hundreds of similarly named tokens, it becomes challenging to quickly determine which meme to chase.
The era where everyone can issue tokens is gradually leading to a consensus fragmentation issue, where instant pump and dump, followed by investing in the next meme, has almost become a safety measure. This phenomenon is more pronounced on Solana; although it has the first-mover advantage in issuing tokens, the subsequent risks of attracting funds are higher, while Ethereum's meme performance is more stable.
DaMoon Lab co-founder Wenyue compiled a comparison of trading situations across various ecosystem DEXs. From the chart, it can be seen that the current phenomenon-level tokens still revolve around the Trump concept. As a result, the trading volume on Ethereum's mainnet DEX has nearly doubled, surpassing Solana again after ten days. Wenyue pointed out that FIGHT still holds a dominant position, and in the FIGHT competition, the similarly named tokens on Ethereum have also outperformed.
Image source: @_wmoon
After a long period of market silence, the Trump shooting case has once again sparked a meme craze. Although the majority of the hundred-fold "golden dogs" were born on Solana, if you entered the market later and are unwilling to join Solana's PvP, then give Ethereum a little patience; perhaps you can also earn the same hundred-fold.
