Ethereum’s longstanding dominance in minting and trading meme coins is being challenged by Solana, according to recent on-chain activity trends. Solana-based meme coins, such as BONK, are gaining significant traction in the cryptocurrency community, an occurrence recognized by a user named Moon, who identified Solana as an ideal platform for meme coin trading due to Ethereum’s high gas fees and slower processing speeds.

Well-suited for the ever-changing, fast-paced meme coin market, Solana’s scalability and cost-effectiveness give it an edge over Ethereum. The platform’s rapid transaction processing capabilities coupled with its lower transaction fees have made it an attractive choice for traders looking for efficient, inexpensive trades.

BONK’s recent performance has demonstrated Solana’s potential as a hub for meme coins. Listed on some of the world’s major crypto exchanges including Binance and Coinbase, BONK has emerged as a strong performer with triple-digit gains, attracting a significant number of retail investors and meme coin enthusiasts.

While BONK has found substantial success on Solana, other tokens are also performing well. Two noteworthy examples are Myro and Dogwifhat, which boasted impressive market caps of over $136 million and $350 million, respectively, as of January 15.

Still, Ethereum houses some of the largest meme coins by market cap, such as Shiba Inu, PepeCoin (PEPE) and Floki Inu, despite its scaling challenges and higher gas fees. PEPE and Shiba Inu recorded market caps exceeding $510 million and $5.6 billion, respectively. BlackRock CEO, Larry Fink, also mentioned that companies wanting to tokenize real-world assets will likely choose Ethereum over Solana. However, improvements are expected in Ethereum including off-chain solutions like layer-2s and on-chain features like Sharding.