2024-03-18 19:33:11
The rush for Solana-based memecoins over the past few days has increased the network’s trading volume to such an extent that half of the transactions could not be completed for 20 minutes on Saturday night.
Activity on the Solana network surpassed that of Ethereum over the weekend amid huge interest in Solana-based memecoins. On March 16, the network’s total trading volume reached $3.52 billion, beating the Ethereum network’s daily volume by more than $1.1 billion.
However, the Solana network struggled to keep up with the massive activity, causing many users on X to complain about frequent failed transactions. According to user Dagnum, Solana’s ping, or network speed, was between 20 and 40 seconds at 9pm on March 16, resulting in half of the transactions not going through for about 20 minutes.
The frenzy surrounding the Book of Meme caused network congestion
The spike in Solana network trading volume was caused by the new memecoins. On March 14, investors started investing in a new memecoin, the Book of Meme (BOME) to invest in a coin called, which in 56 hours went from a level close to zero to a market capitalization of $1.45 billion.
Another memecoin, NAP, also received significant attention from traders, rising from a market cap of around $20 million to over $330 million in less than 18 hours.
Parallel to the enormous increase in network activity, the Solana SOL Price also increased. At the time of writing, SOL is trading at $208, up nearly 40% over the past seven days and up 90% over the past month. CoinMarketCap according to your data. Thanks to this, Solana is a Binance It also surpassed BNB to become the fourth largest cryptocurrency by market capitalization with more than $92 billion.
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