- Solana, BNB chain are duelling for market cap dominance, despite widening differences in network revenues
- Memecoins could play a key role in this rivalry too
BNB Chain and Solana have been trading blows for the best part of the last 24 hours. More specifically, the two have been competing against each other for market cap dominance.
During the aforementioned period, BNB chain briefly surpassed Solana, but the latter soon regained the 4th position in the rankings. This transpired within the market cap range of $85.5 billion and $85.7 billion. At press time, however, BNB had again managed to secure the lead after pushing above $90 billion.
This competition offers us an opportunity to compare how both networks are faring across key performance metrics.
For example – Solana transactions registered healthy growth over the last 4 weeks. The highest daily transaction count over the same period was 46.83 million transactions on 24 July.
Source: DeFiLlama
However, transactions on Solana slid slightly from their peak, dropping to 42.21 million at press time.
As far as the BNB chain is concerned, transactions adopted a downward trend on the charts. For context, it peaked at 3.6 million transactions on 6 June.
Source: DeFiLlama
Solana also maintained its lead over BNB chain in terms of total value locked. Its TVL was $5.47 billion, at the time of writing, while BNB chain was slightly behind with a figure of $4.81 billion.
Can BNB chain compete in the memecoin segment?
Solana has, for the most part, dominated the memecoin market over the last few months. This has allowed it to register a surge in network activity and network fees.
For its part, BNB chain has taken note of this and intensified its push into the memecoins sector. In fact, it recently ramped up efforts to promote its memecoins, notably, Catcoin and WHY.
The latter, in particular, has been around since April, with its price adopting a parabolic curve since June. It pulled off an almost 1400% rally in the last 8 weeks. It also hit a new ATH in the last 24 hours.
Source: Dexscreener
Meanwhile, Solana’s top memecoin DogWifHat (WIF) has been struggling to secure liquidity over the last few days.
Can BNB chain drum up enough memecoin support?
According to AMBCrypto’s analysis, BNB Chain currently has a limited number of memecoins, compared to Solana. This could possibly be a disadvantage in the long run.
Solana saw an explosion of memecoins over the last few months. The same category of tokens supported its robust network activity, as well as its native crypto, SOL’s performance.
Solana has the clear advantage, one which may have aided in its ability to attract more investment in its ecosystem. BNB chain still has a chance to catch up in the memecoin space though. Its success may require a major hit in the memecoin segment to attract the market’s attention to its offerings.
