The Solana network has recently registered more transactions than Ethereum, with users flocking to the platform, leading to a total of $3.52 billion in transactions. This figure not only eclipses Ethereum’s daily volume but does so by a significant margin of over $1.1 billion.
Network Congestion Affects User Transactions
The sudden spike in network use, however, has also brought challenges. Customers on various platforms report frequent transaction failures and delays. During peak congestion, Solana’s transaction success rate plummeted, with approximately half of all transactions failing within a 20-minute time frame. Access NEWSLINKER to get the latest technology news.
Memecoin Mania Drives Surge
The frenzy over newly launched memecoins has been a major driver of Solana’s increased traffic. One such memecoin, Book of Meme, saw its market value skyrocket to $1.45 billion shortly after release. Another memecoin, $NAP, also experienced a meteoric rise, with its market value jumping to over $330 million in a short span.
In tandem with the network’s bustling activity, Solana’s own cryptocurrency, SOL, has enjoyed a price surge. The digital currency currently trades around $200, having gained 7.6% in a week and 38.4% over a month. The momentum in SOL’s price is partly attributed to the airdrop events and the burgeoning interest in memecoins within its ecosystem.
Benefiting from the increased activity and price rise, the Solana token has overtaken Binance’s BNB in market value, now ranking as the fourth-largest cryptocurrency with a market cap of $88.5 billion. This market valuation surpasses Solana’s previous all-time high, underscoring the significant growth it has experienced.