It's time to forget about Dogecoin (DOGE 2.43%). The world's most popular meme coin is down 40% for the year and shows no signs of turning things around anytime soon. Dogecoin is down a stunning 74% from its all-time high from 2021.
The good news is that there is an alternative to Dogecoin that is actually a good long-term investment. This crypto is a clear beneficiary of internet meme culture, but you can buy and hold it for decades. This cryptocurrency is more than three times as large as Dogecoin in terms of market cap, and is up a whopping 23,000% since launching in 2020.
Yes, I'm talking about Solana (SOL 1.14%).
The blockchain for meme coins
At first glance, Solana might not seem to be a real alternative to Dogecoin. It's a smart contract blockchain network, similar to Ethereum (ETH 0.57%).
But here's the thing: Solana is the one blockchain that has become synonymous with meme coin mania. It's the place to go to mint new meme coins or swap old meme coins. When President Donald Trump wanted to mint a new meme coin earlier this year, he used Solana.
CRYPTO: SOL
Key Data Points
Thanks to all of this new meme coin activity, the blockchain metrics for Solana are now off the charts. According to a new report from 21Shares, the Solana blockchain ecosystem posted nearly $3 billion in revenue over the most recent 12-month period.
Solana vs. Dogecoin
Admittedly, it's much more budget-friendly to buy Dogecoin. A single coin now trades for just 20 cents. By way of comparison, a single SOL will set you back $200.
But don't let that high price scare you off. New spot Solana ETFs are coming soon, and they could become a more budget-friendly way to invest in Solana without breaking the bank.
If you're looking to capture the upside from meme coins but want a long-term investment option, Solana is worth a closer look.
