SOL Meme Coin Mania Solana Network Activity Overtakes Ethereum Amid Spectacular BOME Explosion

Solana recorded more network activity than Ethereum last weekend as investors rushed to secure SOL. meme coin While the Book of Meme (BOME) rises brilliantly.

Solana’s total trading volume surged to $3.52 million on March 16, outpacing the daily trading volume of its main competitor, Ethereum, by more than $1.1 billion. Dipilama.

BOME skyrockets

New meme coin sensation BOME saw its market capitalization rise from near zero to $1.45 billion in just 56 hours on leading cryptocurrency exchanges. Binance They announced that they would be listed.

BOME is currently down 21% in the last 24 hours at $0.01397, but is still up 1,430% since its launch on March 14th.

#Binance will list @Dark Farms1 $TREES Seed tag has been applied.

👉 https://t.co/GOtazMmfBk pic.twitter.com/fMUligOan6

— Binance (@binance) March 16, 2024

Investor enthusiasm surrounding the Solana meme coin has pushed SOL price above the strong resistance level of $200. Following 11% Increase Over the past 24 hours, the price of SOL continues to trade above this level as of 4:20 AM ET, according to CoinMarketCap.

SOL was also able to make Binance Coin (BNB) the fourth largest cryptocurrency by market capitalization.

Top 5 cryptocurrencies by market capitalization (Source: CoinMarketCap)

failed transaction

The sudden wave of activity proved to be too much for him. Solana Connect to the network several times. Many users have come to X to complain about frequent instances of failed or missing transactions.

During periods of high traffic, the network ping time It has also been increased to 20-40 seconds. This caused approximately 50% of transactions to fail over a period of approximately 20 minutes.

🚨#Solana It is currently congested with average ping times of 20-40 seconds, ping losses of 30-50%, and transaction failure rates of up to 50-80%. $SOL

Solana’s TPS is not 50,000 due to vote trading. It’s just marketing. In fact, Solana performs best under overall network conditions where latency is 30 to 50 seconds. pic.twitter.com/NJJfZGDBgo

— Dagnum PI (@Dagnum_PI) March 17, 2024

Along with the surge in network activity, several other on-chain metrics also surged over the weekend. The number of active addresses on Solana increased to 1.2 million on March 18, according to data from The Block, a level not seen since around June 2022.

Nearly 870,000 new addresses were created on the network yesterday, and transaction fees also hit an all-time high.

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