A memecoin market flippening could be underway

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They say you shouldn’t judge a book by its cover.

But you should totally judge a chain by its memes. And Solana memecoins are collectively at an all-time high.

There are 57 memecoins with at least a $75 million market cap on CoinGecko. Sixteen of those are native to Solana, 18 are on Ethereum, and the remaining 40% are scattered across chains like Base, Bitcoin, Avalanche and Binance Chain.

It turns out that this particular selection of Solana memecoins have never been valued higher: $9.84 billion on Wednesday and slightly below that today.

Ethereum memes are otherwise sitting at about $19 billion, although shiba inu makes up nearly 60% of the total.

What’s on CoinGecko probably doesn’t encompass the full scope of memecoinery, as it doesn’t reflect everything on Pump.fun. But those coins would probably only make a marginal difference in the end.

*Solana’s memecoin sector is in blue, Ethereum’s in purple, while Base’s and Bitcoin’s are orange and red*

Still, it’s telling that Solana memecoins are still gaining ground while Ethereum’s are stagnating at 35% below where they were when bitcoin peaked in March.

And if that doesn’t satisfy your Ethereum bloodlust, consider yourself lucky you’re not a Bitcoin or Base memecoin maxi.

Base still only has two primary memecoins — DEGEN and BRETT — and together they’re stuck at about a $1 billion market cap.

Bitcoin otherwise has three Runes with market caps over $75 million. For a brief moment in May, Bitcoin’s memecoins were more valuable than Base’s, but today the two ecosystems are practically neck-and-neck.

In any case, the fixation surrounding a potential Ethereum flip by Solana has us all watching DEX volumes and fee spend, to see the signs ahead of time.

I’d watch for a flippening of memecoin markets instead.

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