Potential competition from Solana could impact Ethereum’s dominance in the market for meme coins, according to indicators.There are indications that Ethereum (ETH) might face competition from Solana in the world of meme coins. This potential rivalry could affect Ethereum’s current dominance in the market.

Recently, there has been a shift in the dominant hype surrounding meme coins on the Solana blockchain (SOL). The focus is now returning to its origin, Ethereum (ETH). A trader’s impressive gain of 69,300% on a trade, as highlighted by the crypto analytics platform Lookonchain, has reignited interest in the Ethereum ecosystem.

The trade involved converting $9,000 into $6.27 million on Ethereum in just one month, resulting in a gain of 693x. This was achieved by acquiring a meme coin called $APU, using 2.385 ETH to obtain 8.36 billion APU tokens between March 11 and March 24. The rapid increase in the meme coin’s value during this period led to the record-breaking gain for the trader.

On-chain data shows that the trader, known as a “whale,” is still holding a significant amount of the token, indicating confidence in the meme coin’s potential. Despite challenges with high transaction fees, which have driven traders to Solana, the recent launch of Ethereum’s Dencun Upgrade has made its layer-2 scaling solutions more affordable for trading.

This has made Ethereum’s layer-2 protocols, such as Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP), and Base, more appealing for the resurgence of meme coins. As Solana continues to work on solutions for its reliability issues, the Ethereum ecosystem has the opportunity to regain its position as the top choice for meme coin enthusiasts.