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A recently emerging trend in the crypto market is the rising popularity of new meme coins. However, unlike their predecessors, these top new meme coins all have one thing in common: none of them are on the Ethereum blockchain. In fact, they've all opted for newer, faster, and more affordable L1 chains as their blockchain backbones.
Ethereum is the second-largest cryptocurrency, and many meme coins and Dapps in the past have chosen to be developed on ETH. However, the soaring gas fees on the Ethereum blockchain, driven by high demand for blockspace, have led newer meme coins to explore alternative, more cost-effective chains.
For instance, older meme coins like Shiba Inu and Pepe coin are powered by the Ethereum Chain. Meanwhile, newer meme coins like Dogwifhat and the rising new meme coin ApeMax have opted for newer, more efficient chains like Solana and Binance Smart Chain (BSC). Based on data gathered from varied Web3 sources as well as via information collected from the official websites of these tokens, this piece will look at the top new meme coins deployed on faster blockchains like ApeMax, Bonk, and others.
ApeMax stands out with its innovative "Boost-to-Earn" model, allowing token holders to potentially earn rewards during the presale phase. ApeMax boasts over 8,000 token holders and billions of tokens staked.
Operating on BSC, ApeMax ensures efficiency, lower transaction costs, and faster processing, making it more accessible and user-friendly. ApeMax is currently available for a limited time at presale by eligible purchasers, who can also enjoy discounts through the early bird Loot Boxes.
Bonk, a new meme coin, was launched in the Solana blockchain. Despite launching over a year ago via a free airdrop to the Solana community, Bonk has gained traction just recently. With a focus on community and over 100 integrations with Web3 partners, Bonk's market cap has surged past $1.2 billion, making it one of the top trending new meme coins on a ETH competitor chain.
Coq Inu is a fun new meme coin deployed on the Avalanche blockchain. This self-styled useless token built for entertainment purposes alone has recently risen to the number 10 spot of largest meme coins based on market capitalization.
Dogwifhat (WIF) is a playful and increasingly popular meme coin that made its debut on the Solana blockchain. Known for its amusing concept of a dog wearing a hat, WIF has garnered attention and engagement from the community, leading to a market cap of $219 million.
CorgiAI is a cryptocurrency project on the Cronos chain, which is part of the Crypto.com exchange. Staking CORGIAI tokens allows members to contribute to the network's security and efficiency. Notably, CorgiAI introduces the development of NFTs powered by artificial intelligence.
Born amid the rise of "memecoins" and Solana in 2021, Samoyedcoin (SAMO) aims to promote, educate, and support the Solana ecosystem. Inspired by Dogecoin, SAMO has transitioned from a "memecoin" to an experimental Web 3.0 community coin, fostering a new generation of crypto participants.
Solana has surpassed other layer-one counterparts. The price of the SOL token has increased by 615% in a year. However, Solana is still several orders of magnitude smaller than Ethereum. The 24 hour traded volume of ETH is over 4x more than that of SOL. Moreover, Ethereum's market capitalization is well over 7x greater than that of its younger competitor Solana.
The gas fees on Binance Smart Chain are significantly lower than those on Ethereum. This lower cost makes it more budget-friendly for users to engage with DApps and smart contracts on the platform. One of the new trending meme coins operating on BSC is ApeMax, which is an increasingly popular meme coin with distinct tokenomics and innovative Boost staking protocol.
In a surprising shift away from the traditional Ethereum blockchain, a new wave of meme coins, including ApeMax, Bonk, Coq Inu and Dogwifhat, are making waves on faster and more cost-effective L1 chains like Binance Smart Chain (BSC), AVAX, and Solana. These meme coins are utilizing the efficiency, lower transaction costs, and faster processing times offered by these alternative blockchains. ApeMax's "Boost-to-Earn" model, has attracted a growing number of eligible holders during its presale, while Bonk, based on Solana, has surged past a $1.2 billion market cap, highlighting a paradigm shift in the meme coin landscape.
However, it's still crucial for crypto enthusiasts to exercise caution, conduct independent research, and be aware of potential risks and volatility associated with meme coins and the crypto market in general. This article does not provide financial or crypto advice. Individuals considering ApeMax should verify purchase eligibility rules before partaking in any transactions. Explore the ApeMax website for detailed information on ineligible countries.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
