Solana Surpasses Ethereum Amid Memecoin Craze Despite Transaction Failures
Over the weekend, the Solana network experienced a surge in activity, surpassing Ethereum in terms of trading volume. According to DefiLlama, Solana’s total trading volume reached $3.52 billion, surpassing Ethereum’s daily volume by over $1.1 billion. The network struggled to handle the influx of activity, leading to numerous complaints from users about failed or missing transactions.
Data from Solana Validator, cited by a pseudonymous user known as “Dagnum,” revealed that the network’s ping time ranged between 20 and 40 seconds on March 16 at 8 pm UTC. This resulted in approximately 50% of transactions failing for around 20 minutes. The increased network activity was largely driven by a high demand for new memecoins.
One memecoin called Book of Meme (BOME) gained significant attention from traders, with its market capitalization surging from near-zero to $1.45 billion in just 56 hours. Another memecoin named “$NAP” (NAP) also experienced a rapid rally, increasing its market cap from around $20 million to over $330 million in less than 18 hours.
The price of Solana’s native cryptocurrency, SOL, rallied alongside the surge in network activity. According to CoinGecko data, SOL is currently trading at $200, reflecting a 7.6% increase over the past week and a 38.4% increase in the last month. This surge in price allowed SOL to overtake Binance’s BNB coin and become the fourth-largest cryptocurrency by market capitalization at $88.5 billion.
The overall increase in the total supply of Solana tokens has contributed to the network’s market cap surpassing its previous high of $76.5 billion. Currently, Solana’s market cap is nearly $12 billion higher than its previous peak, reaching $88.5 billion.
The Solana network witnessed a significant surge in activity, surpassing Ethereum in trading volume. The network faced challenges in handling the increased demand, resulting in complaints about failed or missing transactions. The surge was driven by the popularity of memecoins like Book of Meme and $NAP. The price of SOL also experienced a rally, enabling it to become the fourth-largest cryptocurrency by market capitalization. The increase in the total supply of Solana tokens contributed to the network’s higher market cap.
8 thoughts on “Solana Surpasses Ethereum Amid Memecoin Craze Despite Transaction Failures”
Leave a Reply
You must be logged in to post a comment.
This is a major setback for Solana. They had a chance to shine but instead, they disappointed their users. 😞
It’s incredible to see Solana surpassing Ethereum in terms of trading volume. 🚀 This shows its growing popularity and potential.
I can’t believe the Solana network couldn’t handle the surge in activity. It’s disappointing to see so many failed transactions.
It’s incredible how quickly Solana went from surpassing Ethereum to struggling with failed transactions. They need to fix their issues as soon as possible.
I’m excited to see SOL become the fourth-largest cryptocurrency by market capitalization! It’s a testament to Solana’s potential and growth.
This just goes to show that Solana is not ready for prime time. It’s disappointing to see them falter like this.
Solana’s inability to handle the influx of activity is a huge red flag. They need to step up their game and ensure a smooth experience for users. 😤
I’m so frustrated with Solana right now. It’s incredibly frustrating to see my transactions go missing.