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Post: Degens Flock to Solana-based Memecoins Amid Network Surge

Degens Flock to Solana-based Memecoins Amid Network Surge

Key Points:

  • Degens flock to Solana-based memecoins like “Book of Meme” and “SNAP” as network faces activity surge.
  • Solana’s network activity surpasses Ethereum’s over the weekend, leading to operational difficulties.
  • On March 16, Solana’s trading volume tops Ethereum’s, hitting $3.52 billion, exceeding Ethereum’s volume by $1.1 billion.
  • Solana network struggles with the increased activity, resulting in reports of failed or missing transactions.

Degens Flock to Solana-based Memecoins:

Degens, or speculative traders, were heavily investing in Solana-based memecoins like “Book of Meme” and “SNAP” amidst a surge of activity within the Solana network.

Solana’s Surge in Network Activity:

Solana experienced a significant increase in network activity over the weekend, surpassing even Ethereum, which led to operational challenges for the network.

Solana Overtakes Ethereum in Trading Volume:

On March 16, Solana achieved a total trading volume of $3.52 billion, surpassing Ethereum’s daily volume by more than $1.1 billion, as reported by DefiLlama.

Solana Network Struggles:

The influx of activity on the Solana network resulted in operational issues, with users facing problems such as failed or missing transactions, highlighting the challenges faced by the network during this period.

Hot Take:

The rapid growth and popularity of Solana-based memecoins demonstrate the increasing interest in alternative blockchain networks and the challenges they may face in scaling to meet user demands. It’s essential for networks like Solana to address these operational issues to maintain user trust and confidence as they continue to grow.

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