Amid the memecoin frenzy, Solana’s move flips Ethereum, even if txs fail.
Amid a scramble for Solana-based memecoins, Solana network activity surpassed Ethereum over the weekend – leaving the network scrambling to stay afloat.
On March 16, Solana's total trading volume exceeded that of Ethereum, reaching $3.52 billion and surpassing the daily volume on the Ethereum network by more than $1.1 billion, according to Defilama.
However, Solana's network struggled to keep up with the flow of activity, with many users on X complaining of frequent failed or lost transactions.
According to Solana's verification data, cited by anonymous user “Dagnum” X, Solana's ping time was between 20 and 40 seconds at 8:00 a.m. UTC on March 16, with roughly 50% of transactions failing for about 20 minutes.
The huge boom in Solana network activity is due to the voracious appetite for new memecoins. In the year On March 14th, DJs started crowdfunding a new memecoin called Book of Meme (BOME), which reached a capitalization of $1.45 billion in just 56 hours.
Another memecoin dubbed “$NAP” (NAP) has received a lot of attention from traders, going from a market cap of around $20 million to $330 million in less than 18 hours.
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The price of Solana (SOL) has also seen a significant improvement in network activity, with SOL currently trading at $200, up 7.6% from last week and 38.4% from last month, according to CoinGecko.
Solana's recent gains have allowed the coin to overtake Binance's BNB (BNB) coin as the fourth largest by market capitalization at $88.5 billion.
Due to the increase in the total supply of Solana tokens, the network's market cap is now nearly $12 billion higher than its previous peak market cap of $76.5 billion – which will be reached on November 7, 2021.
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