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Ethereum (ETH) Might Wrestle Meme Coin Hype From Solana, Signs Visible

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Fri, 12/04/2024 - 13:02
Ethereum (ETH) Might Wrestle Meme Coin Hype From Solana, Signs Visible
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The current meme coin hype on Solana (SOL) might be shifting ground to its originator, the Ethereum (ETH) blockchain ecosystem. According to a trade spotlighted by crypto analytics platform Lookonchain, a trader made a 69,300% gain on a trade, igniting a feeling of profit return in the Ethereum ecosystem.

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According to the trade highlighted, the whale converted $9,000 into $6.27 million on Ethereum in only one month, making a gain of 693x. The traded meme coin is called $APU, and the traded acquired exactly 2.385 ETH to acquire 8.36 billion APU from March 11 to March 24. Within this time, the price of the meme coin jumped remarkably, giving the trader an unprecedented gain.

Per the on-chain data, the whale is still HODLing a large portion of the token, showing confidence in the meme coin. 

Over the past year, the higher gas fee on Ethereum has pushed many traders away, with Solana becoming the preferred destination. With the Solana protocol now experiencing congestion due to heavy traffic, the appeal of Ethereum as the legacy meme coin option is growing across the board. Whether or not this trend will go mainstream soon remains a growing subject of speculation in the ecosystem.

Ethereum L2s may appear attractive

While the APU trader hit the jackpot with his bet, there is no guarantee that such related trades can be recorded by a majority of traders in the community. Ethereum still has its problem with high transaction fees; however, the recently launched Dencun Upgrade has made its layer-2 scaling solutions more affordable to use, based on trading fees.

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This advantage has positioned Ethereum L2 protocols like Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP) and Base as the preferred destination for meme coin resurgence. With Solana still exploring solutions to correct its outage menace, the Ethereum ecosystem has what it takes to take over meme coin culture.

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