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<p><span style="font-weight: 400;">Solana recorded more network activity than Ethereum this past weekend as investors rushed to scoop up SOL </span><a href="https://insidebitcoins.com/news/meme-coin-mania-erupts-again-as-solana-token-smog-is-top-gainer-and-wif-and-pepe-hit-new-all-time-highs" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">meme coins</span></a><span style="font-weight: 400;"> amid the spectacular rise of Book of Meme (BOME).</span></p>
<p><span style="font-weight: 400;">Solana’s total trading volume surged to $3.52 million on Mar. 16, enabling it to outperform its main competitor, Ethereum, by over $1.1 billion in daily volume, according to data from </span><a href="https://defillama.com/chain/Solana?volume=true&amp;tvl=false&amp;currency=USD" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">DefiLlama.</span></a></p>
<p><img decoding="async" src="https://e00-marca.uecdn.es/assets/multimedia/imagenes/2022/03/07/16466817280064.jpg" alt="Solana: What is it and is it worth buying? | Marca"></p>
<h2 id="span-style-font-weight-400-bome-skyrockets-span"><span style="font-weight: 400;">BOME Skyrockets</span></h2>
<p><span style="font-weight: 400;">New meme coin sensation BOME saw its market cap rally from close to zero to $1.45 billion in just 56 hours shortly after the leading crypto exchange </span><a href="https://insidebitcoins.com/news/book-of-meme-price-prediction-bome-soars-2000-in-days-gets-binance-listing-as-this-solana-meme-coin-prepares-the-greatest-airdrop" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Binance</span></a><span style="font-weight: 400;"> announced it would list it.&nbsp;</span></p>
<p>BOME is currently down 21% in the past 24 hours at $0.01397, but is still up 1,430% since launch on Mar. 14.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> will list <a href="https://twitter.com/Darkfarms1?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Darkfarms1</a> <a href="https://twitter.com/search?q=%24BOME&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BOME</a> with Seed Tag applied.</p>
 <p>👉 <a href="https://t.co/GOtazMmfBk" rel="noopener noreferrer nofollow">https://t.co/GOtazMmfBk</a> <a href="https://t.co/fMUligOan6" rel="noopener noreferrer nofollow">pic.twitter.com/fMUligOan6</a></p>
 <p>— Binance (@binance) <a href="https://twitter.com/binance/status/1768936504859222469?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 16, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">The investor frenzy around Solana meme coins powered the SOL price above strong resistance at $200. Following an 11% </span><a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">increase</span></a><span style="font-weight: 400;"> in price over the past 24 hours, SOL continues to trade above this mark as of 4:20 a.m. EST, according to CoinMarketCap.</span></p>
<p><span style="font-weight: 400;">SOL was also able to flip Binance Coin (BNB) to become the fourth largest crypto in terms of market capitalization.</span></p>
<p><img decoding="async" class="alignnone wp-image-490221" src="https://insidebitcoins.com/wp-content/uploads/2024/03/top5-cryptos-300x161.png" alt="" width="753" height="404" srcset="https://insidebitcoins.com/wp-content/uploads/2024/03/top5-cryptos-300x161.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/top5-cryptos-768x412.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/03/top5-cryptos.png 847w" sizes="(max-width: 753px) 100vw, 753px"></p>
<p><span style="font-weight: 400;">Top 5 biggest cryptos by market cap (Source: <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">CoinMarketCap</a>)&nbsp;</span></p>
<h2 id="span-style-font-weight-400-failed-transactions-span"><span style="font-weight: 400;">Failed Transactions</span></h2>
<p><span style="font-weight: 400;">The sudden wave of activity proved to be too much for the </span><a href="https://insidebitcoins.com/news/top-trending-cryptos-on-solana-chain-today-safemoon-bome-soltradingbot" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Solana</span></a><span style="font-weight: 400;"> network on several occasions. Many users took to X to complain about frequent instances where their transactions either failed or were missing. </span></p>
<p><span style="font-weight: 400;">During the high traffic period, the network’s </span><a href="https://explorer.solana.com/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">ping time</span></a><span style="font-weight: 400;"> also increased to between 20 and 40 seconds. This subsequently resulted in around 50% of the transactions failing for approximately 20 minutes.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">🚨<a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> is currently congested with an Average Ping Time of 20-40s, 30-50% Ping loss, up to 50-80% failed transactions. <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a></p>
 <p>Solana's TPS isn't 50k due to vote transactions; it's just marketing. In reality, under full network conditions with 30-50s wait times, Solana maxes out… <a href="https://t.co/NJJfZGDBgo" rel="noopener noreferrer nofollow">pic.twitter.com/NJJfZGDBgo</a></p>
 <p>— Dagnum P.I. (@Dagnum_PI) <a href="https://twitter.com/Dagnum_PI/status/1769199791232422027?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 17, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">In tandem with the surge in network activity, several other on-chain metrics also jumped over the weekend. The number of active Solana addresses rose to 1.2 million on Mar. 18, according to data from The Block, which is a level that has not been seen since around June 2022. </span></p>
<p><span style="font-weight: 400;">Nearly 870,000 new addresses were also created on the network yesterday, while transaction fees reached a new all-time high as well.</span></p>
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3>
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 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/5thscape-raises-more-than-1-million-in-world-first-vr-ar-crypto-offering-presale-now-live" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">5thScape Raises More Than $1 Million In World-First VR/AR Crypto Offering, Presale Now Live</span></a></li>
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Solana Network Activity Overtakes Ethereum Amid SOL Meme Coin Mania, Spectacular BOME Explosion

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Inside Bitcoins

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