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HomeNewsSolana Network Activity Soars to Two-Year High Amid Meme-Coin Frenzy

Solana Network Activity Soars to Two-Year High Amid Meme-Coin Frenzy

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  • Since October, Solana’s TVL grows to $2.53 billion; memecoins market value rises to more than $5.6 billion.
  • Value moved on-chain on Solana touches $8.09 billion on March 22, with TVL reaching $4.414 billion according to DeFiLlama.

Bloomberg’s recent report tells of positive bullish signals for Solana, driven by the rise of memecoins in its ecosystem. Here some key points, incorporating specific figures and data mentioned in the information provided:

Impressive surge in trading volume:  Trading volume on the Solana blockchain reached its highest in more with memecoins like Slerf generating nearly $2 billion in volume in just 24 hours. Total volume on Solana for the same period approached $11 billion.

SOL price recovery and TVL growth: Following the memecoins boom, the Total Locked-in Value (TVL) on Solana experienced a significant increase, surpassing $4.14 billion, the highest in more than two years.

 

This growth has also been reflected in a recovery in the price of SOL, which recently increased by around 4%, showing a positive trend in line with other major crypto assets.

Related: Solana takes on the Memecoin craze

Network expansion and scalability challenges: Since October last year, Solana’s LTV has grown from less than $300 million to approximately $2.53 billion, demonstrating the expansion of its web ecosystem3.

slana-dappradar-tvl
Source: DappRadar

In addition, the market value of Solana’s memecoins reached over $5.6 billion with an average daily trading volume of around $3 billion, highlighting potential challenges in network scalability.

Increased network activity and positive pricing trends: Recent memecoins-driven activity has led to an increase in the price of SOL-based tokens and a spike in network activity.

The value moved on-chain on Solana reached $8.09 billion on March 22, marking a near two-year high. In addition, Solana’s LTV recorded $4.414 billion according to DeFiLlama, the highest level since April 5, 2022.

You can also read: Binance’s cryptic move triggers Solana’s new coin MUMU – Details

On another note, Solana currently holds 42.3% of the stablecoin market share at the moment, up from its 1.9% share a year ago.

Stablecoin market share – Source: Artemis

Despite this, nearly 65% of Twitter users do not believe Solana will turn Ethereum around.

Source: @WhaleFUD

Although, mentioning Jan Happel and Yann Allemann, co-founders of Glassnode, predict an increase in SOL’s market cap ratio, forecasting a possible rise to 0.76 of ETH or more from an Elliott wave perspective; they foresee SOL’s growth outpacing ETH’s in the near term.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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