Solana Network Experiences Surge in Activity Surpassing Ethereum
Recently Reported by Cointelegraph, the Solana network has observed a notable increase in activity, surpassing Ethereum during the weekend. This surge was primarily driven by the heightened demand for Solana-based memecoins, leading to challenges in network performance.
As per DefiLlama, on March 16, Solana's total trading volume surged to $3.52 billion, surpassing Ethereum's daily volume by more than $1.1 billion. However, the influx of activity posed difficulties for the Solana network, with numerous users reporting instances of failed or missing transactions.
According to data from Solana Validators, as cited by the pseudonymous user "Dagnum," on March 16 at 8 pm UTC, Solana's ping time ranged between 20 and 40 seconds, resulting in approximately 50% of transactions failing for about 20 minutes.
This surge in Solana network activity was primarily fueled by a growing interest in new memecoins. Notably, on March 14, investors flocked to a newly launched memecoin named Book of Meme (BOME), propelling its market capitalization from negligible to $1.45 billion in just 56 hours. Similarly, another memecoin, "$NAP" (NAP), witnessed a significant surge, escalating from a market cap of around $20 million to over $330 million in less than 18 hours.
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