It’s true that some early buyers of certain cryptocurrencies were fortunate, but it’s rare for lightning to strike the same place twice, especially without specific conditions driving the occurrence. Many tokens that were small during the 2021 crypto boom have grown into large-cap giants, but only a few possess the necessary momentum to replicate their earlier success.
Following this trend, Dogecoin (DOGE, up 2.47%) initially emerged as a lighthearted meme currency, while Solana (SOL, up 0.11%) positioned itself as a fast-paced development platform for professional developers. However, more recently, Solana has garnered a reputation for being associated with meme coin gambling, rather than hosting economically valuable projects.
Could either of these assets make someone who invests now into a millionaire?
Solana is still powering up while others idle
As an onlooker, I’ve observed that for a coin’s worth to amplify, it requires a surge in interest among potential users and investors. This increased desire stems from compelling factors or incentives that drive individuals to generate this interest.
On the demand front, Solana’s on-chain usage keeps smashing its own records.
In June, the number of active wallet addresses on the chain reached 116.4 million, surpassing all other Layer-1 (first layer) and Layer-2 (second layer) chains combined. During Q2, its earnings totaled $271 million, setting it apart in the industry significantly. This high activity directly contributes to Solana’s token destruction mechanism, gradually reducing supply, and attracting new investors as positive headlines are published.
Developers tend to gravitate towards users and investment, and this reciprocal relationship holds true as well. By the year 2024, Solana had become the leading choice for new cryptocurrency application developers, drawing in a remarkable 7,625 new contributors – a staggering 83% increase compared to the previous year, which even pushed Ethereum, its main competitor, down from its top position.
The surge is fostering further expansion in an already vast ecological system. Each part of the chain, such as decentralized finance, decentralized infrastructure networks, meme tokens, artificial intelligence frameworks on the blockchain, and tokenized real-world assets, are all competing for recognition, investment, and new participants.
The main factor contributing to the frequent connections between Visa and institutional capital is that their stablecoin platform has identified Solana’s swift settlement layer as suitable for widespread transactions, suggesting that consumer payment services could potentially integrate directly with the chain’s validator network.
From my vantage point, none of these options ensures that the coin will achieve the 100-fold increase necessary to transform an investor with $10,000 into a millionaire. However, it does establish a plausible cycle of growth. The exploitation of Solana’s primary sectors generates network fees and income, which elevates the coin’s staking return, thereby encouraging more institutional capital inflows in search of yields. This influx, in turn, fuels developer interest to create new applications, leading to increased usage in the future.
Currently, many cryptocurrency chains lack this feature, which is a significant reason why Solana stands out as one of the industry’s front-runners.
The meme that forgot to evolve
Dogecoin stands out with its widespread popularity. It’s hard to miss, as virtually everyone seems to know about it. Plus, there have been notable price surges associated with it in 2021 and late 2024 that have attracted attention.
As an onlooker, it’s clear that memes don’t have the power to code or attract institutional funding. In late 2019, Dogecoin was maintained by a small team of developers, barely exceeding six active members per month. Regrettably, this situation hasn’t significantly changed since then. The lack of a system in place seems to be the culprit. The latest core update was released seven months ago, primarily focusing on minor bug fixes instead of introducing new features. Unfortunately, there isn’t a large community eagerly awaiting either.
One point worth noting is that the structure of Dogecoin allows for an increase in its supply over time. Approximately 5 billion fresh Dogecoins are added to the market every year, currently bringing the total circulating amount close to 150 billion.
In simpler terms, the continuous release of this asset doesn’t increase its value unless demand outpaces supply significantly, which can be challenging given that it lacks a practical application. Additionally, there is no underlying smart contract platform, native stablecoin, tools for institutional compliance, or clear plans to develop these features at present.
Dogecoin, while reigning supreme among meme-based cryptocurrencies, lacks a solid foundation for increasing its worth. Its value tends to fluctuate based on public sentiment and the occasional influential tweet. However, even if it enjoys a favorable macroeconomic and liquidity climate, there are likely other investments offering superior returns.
There is only one sensible verdict here
As stated previously, turning $10,000 into $1 million means achieving a 100-fold return.
If Solana were to increase its market cap by 100 times from its current $89 billion, it would become a monstrous entity worth approximately $8.9 trillion. This is substantial enough to surpass several of the world’s largest corporations combined in size. Similarly, if Dogecoin were to grow its market value by 100 times from its present $31 billion, it could potentially balloon into a meme coin valued at $3.1 trillion. Although both situations are theoretically feasible, they are highly unlikely due to the current limitations in global liquidity and the relatively small portion of wealth that’s currently invested in digital assets.
Do not buy either of these coins hoping to become a millionaire because it won’t happen.
If you’re aiming for substantial wealth approaching a million dollars, Solana seems to be the most viable option, but keep in mind that it comes with the risk of volatility, potential regulatory challenges, and the possibility that another platform might outperform it in crucial areas.
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2025-07-17 20:43