Ethereum

Token

Solana

BOOK OF MEME

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/meme-token-craze-boosts-solanas-network-activity/" data-wpel-link="internal">Meme Token Craze Boosts Solana’s Network Activity</a><br></p>
<p style="text-align: justify">The meme token frenzy continues to draw numerous individual investors to <strong>Solana (<a href="https://en.coin-turk.com/solanas-remarkable-comeback-overtaking-bnb-and-surprising-analyst-comments/" data-wpel-link="internal">SOL</a>)</strong>, leading to a significant increase in transactions and consequently in fee revenues. According to an analysis of Token Terminal data, the smart contract network collected $20.14 million in fees over the week. This figure was the second-highest fee after <a href="https://coin-turk.com/ethereumda-neler-oluyor-ayrintili-grafik-analizi-ve-destek-direnc-seviyeleri" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/ethereums-potential-surge-to-10000-insights-from-a-crypto-trader/" data-wpel-link="internal">ETH</a>).</p> 
<h2 id="solana-s-meme-token-boost">Solana’s Meme Token Boost</h2> 
<p style="text-align: justify">The announced number also represents the highest weekly fees for <strong>Solana</strong> to date, corresponding to a 10.75% market share. Additionally, Solana’s daily market share consistently rose from 9% to over 12% throughout the week.</p> 
<p style="text-align: justify"><strong><a href="https://coin-turk.com/kripto-paralara-kurumsal-kabul-icin-gerekenler-ethereum-karsiladi-mi" data-wpel-link="internal">Cryptocurrency</a></strong> analyst David Alexander II characterized this as a significant shift in network fee capture, considering that historically, Solana accounted for less than 1% of daily total fees. The comeback spurred by new meme token launches is testing the network’s limits. Individual investors known for their interest in such <strong>tokens</strong> have been flocking to Solana in pursuit of SLERF (SLERF), BOOK OF MEME (BOME), and many other tokens.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-332484 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/sol-1.jpg" alt="" width="1012" height="588"></p> 
<h2 id="solana-s-analytical-reports">Solana’s Analytical Reports</h2> 
<p style="text-align: justify">The number of daily active users followed a parabolic trajectory throughout the week, recording the highest number to date of 2.1 million on March 17th. The meme token craze led to increased activity on Solana-based decentralized exchanges (<a href="https://coin-turk.com/solana-aginda-bedava-para-dagitilacak-surpriz-airdrop-duyurusu" data-wpel-link="internal">DEX</a>). According to DeFiLlama analyses, Solana DEXs surpassed <a href="https://en.coin-turk.com/ethereum-stands-out-in-the-crypto-market/" data-wpel-link="internal">Ethereum</a> in total weekly volumes.</p> 
<p style="text-align: justify">Moreover, this situation also helped the network attract more liquidity, with the total value locked (TVL) surpassing $8 billion for the first time since January 2021. According to CoinMarketCap data, the fifth-largest <strong>cryptocurrency</strong> exceeded $200 for the first time since December 2021 this week. However, subsequent profit-taking pulled <strong>SOL</strong> down, and the token was trading at $174 at the time of writing.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/meme-token-craze-boosts-solanas-network-activity/" data-wpel-link="internal">Meme Token Craze Boosts Solana’s Network Activity</a></h5>

Meme Token Craze Boosts Solana’s Network Activity

Table of Contents

COINTURK NEWS

Other articles published on Mar 24, 2024

Solana's Missed Opportunity? Here Are the Tokens That Could Go Further

Base Network Sees Remarkable Growth

Meme Coin Momentum Grabs Investor Attention in Crypto Sphere

Ethereum ICO Whale Awakens, Moves 2000 ETH Amid Ongoing Recovery

Evaluating Launchpad Token’s 67000% Success for Future Bull Run Indications

Half of U.S. now in recession as dollar’s depreciation persists

Join our free newsletter for daily crypto updates!