Solana network activity surpassed
(Explanation)
💠over the weekend amid a scramble for Solana-based #Memecoins — causing the network to struggle to keep up.
💠On March 16, Solana’s total trading volume soared past Ethereum, reaching $3.52 billion and beating out the daily volume on the Ethereum network by more than $1.1 billion, per DefiLlama.
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💠Solana reached a new record of $3.79 billion in trading volume on March 15. Source: DefiLlama
However, the Solana network struggled to keep up with the influx of activity, with many users across ❎ (Twitter) complaining about frequent instances of failed or missing transactions.
💠According to Solana Validator data, cited by pseudonymous user “Dagnum” on X, Solana’s ping time ran between 20 and 40 seconds at 8 pm UTC on March 16, resulting in approximately 50% of transactions failing for around 20 minutes.
💠The huge uptick in Solana network activity was driven by an outsized appetite for new memecoins. On March 14, degens began piling into a new memecoin called Book of Meme (BOME), which rallied from near-zero to a market capitalization of $1.45 billion in just 56 hours.
💠Related: Trader fumbles $1M bag after selling a Solana memecoin early
The price of Solana
$SOL
tickers down
$199
also rallied alongside the huge uptick in network activity, with SOL currently trading at $200, up 7.6% over the last week and 38.4% in the last month, per CoinGecko data.
