Ethereum, BNB Chain and Solana: different centers of attraction for meme coins

Ethereum

Ethereum became the first ecosystem in the decentralized finance (DeFi) market, which is why the first major meme coins, such as Shiba Inu (SHIB) and Pepe (PEPE), appeared in it.

Shiba Inu is the leader in the Ethereum ecosystem by market capitalization, which, according to Etherscan in August 2025, exceeds $7 billion. In this indicator, SHIB significantly surpasses the main memecoin DOGE, whose capitalization in the Ethereum network is only $546 million.

PEPE, with a market capitalization of $4.2 billion, ranks second among memecoins in the Ethereum ecosystem, while FLOKI is third with nearly $1 billion.

The SHIB memecoin is also the leader in the Ethereum ecosystem by the number of holders, exceeding 1.5 million. For comparison, PEPE has fewer than half a million holders, while FLOKI has fewer than 100,000.

Despite SHIB having the largest capitalization and the most holders, PEPE is the leading memecoin in the Ethereum ecosystem in terms of liquidity. It is also among the top ten most liquid ERC-20 tokens on the Ethereum blockchain.

In addition, PEPE-WETH on the decentralized exchange (DEX) Uniswap V2 is the most liquid pair* among all memecoin pairs in the entire DeFi market. As of August 2025, the total value locked (TVL) of the PEPE-WETH pool is $57 million.

*A liquid pair is a trading pair on an exchange where the volume of funds in the liquidity pool is large enough that trades can be executed quickly and with minimal price fluctuations. The higher the liquidity of the pair, the easier it is for traders to buy and sell tokens at a fair market price without causing significant price changes.

Following it in terms of liquidity volume in the Ethereum network is the WETH-FLOKI pool in the same DeFi protocol Uniswap V2, with a TVL of $18.6 million. By this measure, WETH-FLOKI is among the top three largest memecoin pools in the DeFi market.

BNB Smart Chain (BSC)

The picture is entirely different in the BNB Smart Chain ecosystem. The leader among memecoins by market capitalization in the BSC network is FLOKI, with more than $1 billion. It is followed by Dogecoin, whose capitalization in the BSC ecosystem, according to BSCScan, exceeds $540 million.

The market capitalization of SHIB in the BSC network is $110 million, while PEPE's is only $4.5 million.

Strangely enough, the less popular memecoin Baby Doge Coin (BABYDOGE) is the leader in the BNB Smart Chain ecosystem by the number of holders, reaching nearly 1.9 million. Next come SHIB with 1.3 million holders, DOGE (977,000), and FLOKI (449,000).

The most liquid memecoin pool in the BSC network is DOGE-USDT, with a TVL of only about $546,000 as of August. The TVL of the other pools is much smaller:

• DOGE-WBNB (Uniswap V3) — $122,000
• SHIB-WBNB (ApeSwap) — $12,000
• PEPE-WBNB (Uniswap V3) — $10,000

This indicates that despite the high network activity, where BNB Smart Chain leads among blockchains (3.6 million daily active users), and the popularity of the token-launching platform Four.meme, this ecosystem cannot provide sufficient liquidity for memecoin investors and traders.

Solana

Although the Solana blockchain lags behind BNB Smart Chain in network activity, its ecosystem is the most developed in the memecoin segment. It is almost equal to Ethereum in terms of liquidity.

The most capitalized and liquid memecoins in the Solana ecosystem are:

• OFFICIAL TRUMP (TRUMP) — $8.6 billion
• Pudgy Penguins (PENGU) — $2.2 billion
• Bonk (BONK) — $8.6 billion
• Fartcoin (FARTCOIN) — $852 million
• dogwifhat (WIF) — $813 million

Other major memecoins, such as Dogecoin, Shiba Inu, Pepe, and FLOKI, are absent in the Solana ecosystem, except for their unofficial wrapped versions.

According to Solscan, the leader by the number of holders in the Solana ecosystem is the memecoin catwifhat (CWIF), which is a parody of dogwifhat. CWIF has more than 1.3 million holders.

BONK, with 975,000 holders, ranks second among memecoins, while TRUMP, with 636,000, is only third. Following TRUMP are PENGU (575,000 holders) and WIF (254,000).

Although Fartcoin is not the leader in market capitalization in the Solana ecosystem, the WSOL-FARTCOIN pool turned out to be the most liquid among memecoin pools — its TVL on the decentralized exchange Raydium exceeds $20 million. By this measure, WSOL-FARTCOIN ranks second among memecoin pools in the entire DeFi segment, second only to PEPE-WETH (Uniswap V2) in the Ethereum network.