Solana meme coins have drastically underperformed recently, dropping over 8% in value amid a wider shift towards more quality-focused assets like Ethereum. Key players in the Solana meme category, including Chill House and Fartcoin, recorded significant declines, with BONK falling 6.5% despite news of upcoming acquisitions worth $115 million. As Ethereum ETFs have attracted institutional investments totaling $10.87 billion, the asset has gained 47.5% this month alone. The overall meme coin market also faced a decrease of 4.1%, indicating a general trend away from such assets. Experts, including those from Bitwise, noted that the narrative around Ethereum as a stable and reliable investment has gained traction, especially with the influx of ETH into company reserves, now making up nearly 8% of its total supply. As interest in meme coins wanes, trading volume in Solana shows some resilience with daily transactions rising amid competition between token launchpads. However, the decline in meme coin dominance on Solana, from 73% to 44%, suggests dwindling market enthusiasm for these tokens.

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