Solana has recently become one of the trendiest cryptocurrencies in the space. capturing interest from both crypto investors and enthusiasts in the space. The popular cryptocurrency has witnessed a significant increased network activitysurpassing even that of ethereum, the second largest cryptocurrency in the world.
Solana surpasses ethereum network activity
On March 16, Solana experienced a significant increase in overall network activity, pushing its capacity to the limit amid growing demands. The network had passed quickly bitcoin–ethereum-trading-volume-over-40-billion/” rel=”nofollow”>Total ethereum Trading Volume and exceeded its daily trading volume by more than $1.1 billion, according to data by DefilLama.
Specifically, the 24 hours of Solana trading volume had recorded almost $3 billion, surpassing ethereum's daily volume of $2.04 billion. During the surge, the network witnessed an unprecedented amount of trading activities, resulting in failed transactions and an increase in ping times.
As highlighted According to Solana Validator, the cryptocurrency network's ping time on March 18 had jumped to a staggering 46 seconds, causing between 30% and 40% of failed transactions. The validator report also revealed a steady and rapid increase in Solanan Transaction Countrecording over 276 million transactions at the time of writing, with approximately 2,107 transactions per second.
This increase in Solana network activity It has been attributed to increased interest in Meme coins based on Solana. On Thursday, March 14, degens eagerly searched for a new meme coin called Book of Meme (BOME)which had experienced an unprecedented bullish spike that caused its market capitalization to rise from almost zero to a staggering $1.45 billion.
During these periods, the solana price also recovered, witnessing an unexpected price surge that boosted it by more than 30% last week. The cryptocurrency has seen steady momentum since the beginning of the year, showing a slight price corrections before continuing its upward trajectory.
SOL price rides bullish wave
Amid Solana's growing popularity and increasing transaction volumes, the cryptocurrency saw a price increase to more than $200, reflecting a daily increase of approximately 8.9%, at the time of writing. The cryptocurrency market capitalization has also increased by 11.10%, registering over $89 billion and steadily approaching the $100 billion mark.
Due to their overwhelming networking activities and growing popularitySolana has successfully gained the position of the fourth largest cryptocurrency by market capitalization. overtaking the BNB chain (BNB) at more than four billion, according to CoinMarketCap.
Furthermore, the cryptocurrency has reached reach global highs in terms of search interest on Google, reaching a new all-time high. This rise has been attributed to growing interest and demand for the popular digital asset.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/zkpeLI4h/" alt="Tradingview.com Solana Price Chart (ethereum)” width=”3286″ height=”1530″ loading=”lazy”/>
SOL price crosses $200 | Source: SOLUSD on Tradingview.com
Featured image from LinkedIn, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
