The latest cycle in the crypto market has seen a surge in the popularity of Memecoins, particularly those based on the Solana blockchain. These tokens have captured the attention of investors and have outshined many of the traditional large-cap altcoins in terms of performance.
Experts have been analyzing the market dynamics of the past year to understand why meme-based tokens have emerged as the dominant narrative of the current cycle and what the future holds for the industry.
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The Value Of Solana ‘Interjective Culture Coins’
Qiao Wang, the co-founder of Alliance DAO, recently shared his insights on the market trends that drive the top narrative of each cycle. In a post on X, Wang highlighted the opportunity for retail investors to outperform professionals in every cycle.
The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved.
Wang explained how retail investors excelled in the first cycle with Bitcoin, leveraged Ethereum in the second cycle, and capitalized on DeFi and NFTs in the third cycle. The ongoing cycle has been dominated by Solana and what Wang refers to as “intersubjective culture coins,” or memecoins.
While memecoins have been criticized for their lack of utility and quick profit motives, Wang argues that their value lies in the shared culture they represent, a sentiment echoed by other industry experts.
In a podcast, crypto traders Ansem and Kel discussed the value of memecoins and emphasized the importance of internet culture in the crypto community. They highlighted the opportunity to financialize meme virality and the shared experiences that drive the popularity of memecoins like dogwifhat (WIF) and Popcat (POPCAT) on the Solana blockchain.
Memecoins ‘Absorbed’ The Market’s Energy
Chris Burniske, the co-founder of Placeholder, also weighed in on the memecoin frenzy, predicting that memecoins will play a significant role in the upcoming market expansion. He believes that memecoins will surpass the cultural relevance that NFT collections had in 2021.
The total market capitalization of Solana memecoins recently exceeded $10 billion, indicating the growing influence of these tokens in the market. Solana co-founder Anatoly Yakovenko suggested that memecoins have absorbed the meme energy that drove previous cycles, such as the DeFi summer, leading to their dominance in the current narrative.
Yakovenko’s theory implies that products must now focus on delivering value to stand out in the market, a shift that could benefit the industry as a whole.
As of the latest update, Solana (SOL) is trading at $151, showing a 4% increase in the past 24 hours.

Featured Image from Unsplash.com, Chart from TradingView.com