- Solana, BNB chain are duelling for market cap dominance, regardless of widening variations in community revenues
- Memecoins may play a key function on this rivalry too
BNB Chain and Solana have been buying and selling blows for the perfect a part of the final 24 hours. Extra particularly, the 2 have been competing in opposition to one another for market cap dominance.
In the course of the aforementioned interval, BNB chain briefly surpassed Solana, however the latter quickly regained the 4th place within the rankings. This transpired inside the market cap vary of $85.5 billion and $85.7 billion. At press time, nevertheless, BNB had once more managed to safe the lead after pushing above $90 billion.
This competitors affords us a chance to match how each networks are faring throughout key efficiency metrics.
For instance – Solana transactions registered wholesome development over the past 4 weeks. The very best each day transaction rely over the identical interval was 46.83 million transactions on 24 July.
Supply: DeFiLlama
Nevertheless, transactions on Solana slid barely from their peak, dropping to 42.21 million at press time.
So far as the BNB chain is worried, transactions adopted a downward pattern on the charts. For context, it peaked at 3.6 million transactions on 6 June.
Supply: DeFiLlama
Solana additionally maintained its lead over BNB chain by way of complete worth locked. Its TVL was $5.47 billion, on the time of writing, whereas BNB chain was barely behind with a determine of $4.81 billion.
Can BNB chain compete within the memecoin section?
Solana has, for probably the most half, dominated the memecoin market over the previous couple of months. This has allowed it to register a surge in community exercise and community charges.
For its half, BNB chain has taken word of this and intensified its push into the memecoins sector. In reality, it just lately ramped up efforts to advertise its memecoins, notably, Catcoin and WHY.
The latter, particularly, has been round since April, with its value adopting a parabolic curve since June. It pulled off an nearly 1400% rally within the final 8 weeks. It additionally hit a brand new ATH within the final 24 hours.
Supply: Dexscreener
In the meantime, Solana’s prime memecoin DogWifHat (WIF) has been struggling to safe liquidity over the previous couple of days.
Can BNB chain drum up sufficient memecoin help?
In line with AMBCrypto’s evaluation, BNB Chain presently has a restricted variety of memecoins, in comparison with Solana. This might probably be an obstacle in the long term.
Solana noticed an explosion of memecoins over the previous couple of months. The identical class of tokens supported its strong community exercise, in addition to its native crypto, SOL’s efficiency.
Solana has the clear benefit, one which can have aided in its means to draw extra funding in its ecosystem. BNB chain nonetheless has an opportunity to catch up within the memecoin area although. Its success might require a significant hit within the memecoin section to draw the market’s consideration to its choices.
