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03/24/2024

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Meme Token Craze Fuels Solana Network Activity

Solana's allure grows as meme tokens draw investors, spiking transaction fees to record highs. Amidst this surge, Solana's market share expands notably. Individual investors rush to the platform, eager to participate in the latest meme token launches.

Meme Token Craze Fuels Solana Network Activity

Solana’s allure grows as meme tokens draw investors, spiking transaction fees to record highs. Amidst this surge, Solana’s market share expands notably. Individual investors rush to the platform, eager to participate in the latest meme token launches.

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Solana (SOL) keeps attracting many investors with meme tokens, leading to more transactions and higher fee revenues. Data from Token Terminal shows that Solana collected $20.14 million in fees last week, ranking second only to Ethereum (ETH).



Solana Sets Record Weekly Fees and Market Share

Solana reached a milestone with its highest weekly fees to date, marking a significant 10.75% market share. Throughout the week, Solana’s daily market share consistently surged from 9% to over 12%.

Cryptocurrency analyst David Alexander II noted this surge as a substantial shift in network fee capture. Historically, Solana only accounted for less than 1% of daily total fees. The resurgence, fueled by new meme token launches, is pushing the network’s capacities to the limit.

Known for their keen interest in such tokens, individual investors are flocking to Solana in pursuit of tokens like SLERF (SLERF) and BOOK OF MEME (BOME), contributing to this remarkable uptick in network activity.

Solana Surges: Record Daily Users and DeFi Dominance

Throughout the week, Solana witnessed a parabolic increase in daily active users, reaching an all-time high of 2.1 million on March 17th. This surge was propelled by the meme token frenzy, which spurred heightened activity on Solana-based decentralized exchanges (DEXs). According to DeFiLlama analyses, Solana DEXs outpaced Ethereum in total weekly volumes, underscoring the platform’s growing prominence in the decentralized finance space.

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This heightened activity not only boosted trading volumes but also attracted more liquidity to the network. The total value locked (TVL) in Solana protocols surpassed $8 billion for the first time since January 2021. Additionally, according to CoinMarketCap data, Solana, the fifth-largest cryptocurrency, surpassed the $200 mark for the first time since December 2021 this week, signaling renewed investor interest and confidence.

However, subsequent profit-taking activities caused SOL’s price to decline, with the token trading at $174 at the time of writing. Despite the temporary setback, Solana’s performance highlights its resilience and potential for further growth amidst the evolving cryptocurrency landscape.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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