Solana

There’s been a lot of trading for meme coins on the Solana blockchain. A jump in interest in new meme coins was primarily responsible for this skyrocketing increase in Solana network activity. However, Lookonchain noted that trading Solana meme coins isn’t always profitable. A particular address reportedly made 11 Solana meme coin trades within three days, losing each time.&nbsp; Trading on Solana meme coins 
Analytics platform LookOnChain reported that the total loss amounted to 754 SOL ($147K). This address appears to be driven by fear of missing out (FOMO), consistently purchasing at high prices and selling at lower ones, like the post said, “Not everyone can make money by trading meme coins on Solana!”&nbsp; 
Not everyone can make money by trading 
The investor apparently did not invest in the Sol-based meme coins that had an upward trajectory like WIF or BONK or even <a href="https://news.todayq.com/what-is-book-of-meme-bome-crypto-explained/" target="_blank" rel="noreferrer noopener">BOME</a>. After launching on March 14, Book of Meme (BOME) shot from negligible value to a $1.45 billion market cap in 56 hours.&nbsp; 
There’s a meme token rush driving activity on Solana, according to reports. Book of Meme (BOME) is the latest token garnering attention for shockingly high return-on-investment numbers. It’s listed on Binance and has seen some 1500% growth since it was created a few days ago. Tokens like WIF is currently standing at $2.76 with a 19% surge in the past day and BONK is changing hands at $0.00002604, increasing 101% in the last 30 days. 
Solana’s SPL tokens also surged to their all-time high, according to reports. Similar to Ethereum’s ERC-20 standard, Solana Program Library (SPL) generates and administers tokens on the Solana blockchain. Activity and trading 
Over the weekend, Solana network activity surged past <a href="https://news.todayq.com/ethereums-open-interest-hits-highest-since-july-2022-will-eth-reach-3600/" target="_blank" rel="noreferrer noopener">Ethereum’s</a> as Sol-based meme coin demand intensified, putting a strain on the system. As of March 16, Solana’s total trading volume surpassed Ethereum’s, reaching $3.52 billion and outpacing Ethereum’s daily volume by over 1.1 billion, according to DefiLlama. 
Solana flipped BNB to become the 4th biggest cryptocurrency. SOL market cap currently stands at $89.8 billion to that of BNB which is at $85 billion. 
There were also a few other Solana-based meme coin presales that popped up, some that were considered simple scams and others that were legit frauds. 
Lookonchain also reported that big investors are selling off their $SOL holdings because of the price surge. Within the past two days, the whale “BU6N2Z” deposited 200K $SOL ($39.85M) into Binance. Currently, “BU6N2Z” still has 1.62M $SOL ($323M) with 387K $SOL ($77M) held in their wallet and 1.23M $SOL ($246M) at stake.

Not every crypto is BOME, this trader books loses on 11 Solana meme tokens

Todayq News

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