🔥💥Solana overtakes Ethereum: Meme Coin craze!
#Solana network activity has outpaced the transaction volume on the #Ethereum network amid the demand for Solana-based memecoins.
According to the fashion show, on March 16, Solana's total transaction volume surpassed Ethereum, reaching $ 3.52 billion, and the daily volume on the Ethereum network exceeded more than $ 1.1 billion. However, the Solana network began to experience complete downtime from users' failed or incomplete transactions, which happens frequently. What are the latest developments regarding the Solana network, which is in high demand with the Memecoin outrage?
The excessive demand for the Solana network has created systematic errors!
According to Solana Verifier data quoted by the user alias “Dagnum" on X, the duration of Solana's ping occurred between 20 and 40 seconds on March 16 at 20:00 UTC. Dec.December. This development led to 50 percent of transactions on Solana failing for about 20 minutes.
The huge increase in Solana network activity was caused by the excessive appetite for newly released memecoins. The fact that the price of various memecoins published on the network has reached tens of times, of course, has reached a wide audience. The Solana network, which attracted great attention due to the fact that the market was also experiencing a bull season, was faced with technical problems.
Another memecoin, called "$NAP" (NAP), also caught the attention of investors and went from a market value of about $ 20 million to over $330 million in less than 18 hours.
With the big increase in network activity, the SOL price has also risen; according to CoinGecko data, SOL is currently trading at $ 200, up 7.6 percent compared to last week and 38.4 percent compared to last month. Due to the overall increase in the total SOL supply, the network's market capitalization is currently about $12 billion above the previous highest market capitalization of $76.5 billion, which it reached on November 7, 2021.
