-AD-
-AD-
HomeNewsSolana Surpasses Ethereum Activity Amid Memecoin Hype

Solana Surpasses Ethereum Activity Amid Memecoin Hype

- Advertisement -
  • Users reported problems with failed transactions on Solana, evidencing the network’s difficulties in handling the spike in activity.
  • Meme cryptocurrencies such as Book of Meme (BOME) and “$NAP” (NAP) experienced dramatic increases in their market capitalization.

Fundraising through presales for memecoins on Solana has surpassed $100 million in the last three days, using a funding model that has generated debate within the crypto community.

This method has attracted attention for its potential for fraud, as it offers no guarantees that investors will receive tokens in exchange for crypto sent to presale addresses.

For Solana, this spike in activity and interest in memecoins highlights its ability to attract and handle large-scale projects, as we have reviewed in ETHNews, although it also points to the need to improve the scalability and reliability of the network.

The situation highlights the continued search for investment opportunities, while underscoring the importance of diligence and caution on the part of investors in the face of high-risk fundraising models.

Solana reached a new record of $3.79 billion in trading volume on March 15. Source: DefiLlama

According to DefiLlama figures, on March 16, Solana recorded a trading volume of $3.79 billion, surpassing the daily volume in Ethereum by a difference of more than $1.1 billion.

However, this success brought with it certain technical complications, reflected in multiple complaints from users on X, who faced problems with transactions failing or simply not completing.

Source: Dagnum on X

Information shared by a Solana node operator, known as “Dagnum” on X, revealed that wait times to process a transaction ranged from 20 to 40 seconds around 8 pm UTC on the aforementioned day, leading to a failure in about half of the transactions within 20 minutes.

The massive attraction to new memecoins on Solana, particularly to Book of Meme (BOME), whose valuation jumped from virtually nothing to $1.45 billion in just 56 hours, and to “$NAP” (NAP), which saw its market capitalization rise from $20 million to more than $330 million in less than 18 hours, was the driver behind this spike in activity.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
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
RELATED ARTICLES

LATEST ARTICLES