According to Cointelegraph: Solana network activity outpaced Ethereum in terms of trading volume this past weekend, driven by a heightened interest in Solana-based memecoins. However, the influx of activity seemed to have strained the Solana network, resulting in numerous reports of failed or lost transactions.

On March 16, Solana's daily trading volume surpassed that of Ethereum, reaching $3.52 billion, exceeding Ethereum's volume by over $1.1 billion according to data from DefiLlama. However, the high demand reportedly pushed the Solana network to its limits, with increased ping time leading to around 50% of transactions failing for a period of approximately 20 minutes.

A significant force behind Solana's climbing network activity is the emergence of new memecoins, such as Book of Meme (BOME) and Nap (NAP), which drew considerable attention from traders. Book of Meme experienced an astounding rally, growing from near-zero to a market capitalization of $1.45 billion in just 56 hours.

Simultaneously, Solana's cryptocurrency SOL also observed price increases, currently trading at $200 with a 7.6% increase over the previous week, and a 38.4% growth over the last month as recorded by CoinGecko. This activity led to Solana's market capitalization reaching a new all-time high.

Despite the network's momentary struggle with the intense surge of activity, Solana's total token supply has risen, pushing its current market cap nearly $12 billion above its previous peak of $76.5 billion recorded on November 7, 2021.