Solana Surpasses Ethereum In Major Metric Amid Surge Above $200
19 March 2024 - 6:00AM
NEWSBTC
Solana has recently become one of the trendiest cryptocurrencies in
the space, capturing the interest of both crypto investors and
enthusiasts in the space. The popular cryptocurrency has witnessed
a significant surge in network activity, surpassing even that of
Ethereum, the world’s second-largest cryptocurrency. Solana
Outpaces Ethereum Network Activity On March 16, Solana experienced
a major increase in its overall network activity, pushing its
capacity to its limits amidst the growing demands. The network had
surged past Ethereum’s total trading volume and exceeded its daily
trading volume by more than $1.1 billion, according to data by
DefilLama. Related Reading: Crypto Analyst
Predicts Further Upside For Shiba Inu, Here’s The Target
Specifically, Solana’s 24-hour trading volume had recorded almost
$3 billion, surging past Ethereum’s daily volume of $2.04 billion.
During the surge, the network witnessed an unprecedented amount of
trading activities, which resulted in failed transactions and a
surge in ping times. As highlighted by Solana Validator, the
cryptocurrency network’s ping time on March 18, had jumped to a
staggering 46 seconds, causing about a 30% to 40% failed
transactions. The validator’s report also revealed a steady and
rapid increase in Solanan’s transaction count, recording over 276
million transactions at the time of writing, with about 2,107
transactions per second. This rise in Solana’s network
activity has been attributed to the surge in interest in
Solana-based meme coins. On Thursday, March 14, degens eagerly
sought after a new meme coin called Book of Meme (BOME), which had
experienced an unprecedented bullish spike that triggered its
market capitalization to rise from almost zero to a staggering
$1.45 billion. During these periods, the price of Solana also
rallied alongside, witnessing an unexpected price surge that
propelled it by more than 30% in the past week. The cryptocurrency
has been on a steady momentum since the beginning of the year,
displaying slight price corrections before continuing on its upward
trajectory. SOL Price Rides The Bullish Wave Amidst Solana’s
burgeoning popularity and rising transaction volumes, the
cryptocurrency saw a price increase to more than $200, reflecting a
daily surge of approximately 8.9%, at the time of writing. The
cryptocurrency’s market capitalization is also up by 11.10%,
recording over $89 billion and steadily closing towards the $100
billion mark. Related Reading: XRP Records Massive 80% Surge
In Trading Volume – Can Price Reach A New ATH? Due to its
overwhelming network activities and growing popularity, Solana has
successfully gained the position of the 4th largest cryptocurrency
by market capitalization, overtaking BNB Chain (BNB) by more than
four billion, according to CoinMarketCap. Moreover, the
cryptocurrency has reached peak levels globally in terms of Google
search interest, hitting a new all-time high. This surge has
been attributed to the increasing interest and demand for the
popular digital asset. SOL price crosses $200 | Source:
SOLUSD on Tradingview.com Featured image from LinkedIn, chart from
Tradingview.com
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