According to a report by Coingecko, Solana has secured its position as the most popular blockchain in 2024, capturing 38% of global crypto investor interest.
This surge in popularity is primarily linked to the rising demand for meme coins and the launch of Pump. Fun, Solana’s meme coin-focused platform, was introduced earlier this year.
Pump. Fun drives Solana’s dominance
Since its launch in January, Pump. Fun has played a pivotal role in Solana’s success, creating significant engagement within the crypto community. The platform has issued over 2.5 million unique tokens, and its low transaction fees make it a favorite among meme coin traders.
Although Solana has maintained its lead throughout 2024, its interest levels have dipped slightly, dropping by 10.5% since the first quarter. Despite this, Solana continues to outpace its competitors as other blockchain ecosystems compete to attract investor attention.
Other blockchains gain traction
Coinbase’s Base network has emerged as a strong contender, holding 16.8% of global investor interest in 2024, a significant rise from earlier. Similar to Solana’s, its growth has been fueled by the popularity of meme coin trading. Ethereum, another major player, ranks third with a 10.8% share of investor interest, though it has experienced a slight decline in popularity, down by nearly 2%.
Source: Coingecko
Upgrades to pump.fun signal future growth
On October 19, Solana launched an upgraded version of its Pump. Fun trading platform called Pump Advanced. The new trading terminal has been described as Solana’s fastest and includes advanced features like mini charts, social activity tracking, and top-holder statistics. It also enables non-custodial wallet creation through email, making it more accessible to new users.
The upgrade is expected to boost user activity on Pump. Fun, reinforcing Solana’s position as a leading blockchain for meme coin trading. In a recent post, Solana highlighted the platform’s enhanced features, signaling its intent to maintain dominance in the space.
Meanwhile, Solana’s native token, SOL, has grown significantly. In the past 24 hours, it has risen by over 9%, reaching $243. Analysts have linked the surge to optimism surrounding the potential approval of a spot Solana exchange-traded fund (ETF) in the United States.
VanEck’s head of digital asset research, Matthew Sigel, has expressed confidence in the likelihood of Solana’s ETF approval before 2025, citing recent political developments as a favorable indicator for the broader crypto industry.