Ethereum

Solana

Reported by Cointelegraph, Solana network activity surpassed Ethereum over the weekend amid a scramble for Solana-based memecoins — causing the network to struggle to keep up.
On March 16, Solana’s total trading volume soared past Ethereum, reaching $3.52 billion and beating out the daily volume on the Ethereum network by more than $1.1 billion, per DefiLlama.
However, the Solana network struggled to keep up with the influx of activity, with many users across X complaining about frequent instances of failed or missing transactions.
According to Solana Validator <a rel="noopener noreferrer nofollow" target="_blank" href="https://explorer.solana.com/">data</a>, cited by pseudonymous user “Dagnum” on X, Solana’s ping time ran between 20 and 40 seconds at 8 pm UTC on March 16, resulting in approximately 50% of transactions failing for around 20 minutes.
The huge uptick in Solana network activity was driven by an outsized appetite for new memecoins. On March 14, degens began piling into a new memecoin called Book of Meme (BOME), which rallied from near-zero to a market capitalization of $1.45 billion in just 56 hours.
Another memecoin dubbed “$NAP” (NAP) also garnered significant attention from traders, rallying from a market cap of around $20 million to over $330 million in less than 18 hours.

Solana Network Activity Surpassed Ethereum

TokenInsight

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