Over the weekend, Solana network activity surpassed Ethereum amid a surge in demand for Solana-based memecoins, driving the total trading volume on Solana to $3.52 billion, exceeding Ethereum’s volume by over $1.1 billion.
Despite the increased activity, the Solana network experienced difficulties in processing transactions, leading to numerous complaints from users about failed or missing transactions. Solana’s ping time reportedly ran between 20 and 40 seconds on March 16, resulting in approximately 50% of transactions failing for a brief period.
The spike in Solana network activity was fueled by the frenzied demand for new memecoins. Memecoins like Book of Meme (BOME) and Nap (NAP) witnessed explosive growth, with BOME’s market capitalization reaching $1.45 billion in just 56 hours.
The surge in network activity also coincided with a rally in the price of Solana’s native token, SOL, which is currently trading at $200, marking a 7.6% increase over the last week and a 38.4% surge in the last month.
As a result of its recent gains, Solana has surpassed Binance’s BNB to become the fourth-largest cryptocurrency by market cap, standing at $88.5 billion. The increase in Solana’s total supply has contributed to its market cap rise, which now exceeds its previous peak reached on November 7, 2021.
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