Solana’s price continues to rise: What is the reason for the success?

Activity on the Solana network shot past that of Ethereum last weekend. This has everything to do with the enormous hype that is currently going on regarding memecoins on Solana. So much so that the network has difficulty keeping up with everything. On March 16, the total trading volume in Solana also exceeded that of Ethereum.

For Solana it was $3.52 billion, while Ethereum had to make do with $1.1 billion.

Problems for Solana?

Despite this economic success and the gigantic influx of people, it unfortunately causes problems at the technical fortress at Solana. On Twitter, many users complain about failed or even completely disappeared transactions.

According to Solana Validator data cited by pseudonymous user “Dagnum” on Twitter, Solana’s ping time was between 20 and 40 seconds on March 16. That resulted in about 50 percent of all transactions failing for almost 20 minutes.

The massive increase in activity on Solana’s network was driven by a gigantic appetite for new memecoins. On March 14, people started buying a new memecoin called Book of Meme (BOME), which rose from a market cap of almost zero to $1.45 billion in 56 hours.

Another memecoin called $NAP also received a huge amount of attention. This coin rose from $20 million to $330 million in less than 18 hours. It doesn’t make any sense, but it makes sense that this makes people greedy and that Solana is in trouble because of it.

Solana rate benefits

In any case, the Solana race benefited from the enormous hype. Over the past 24 hours, the coin has risen a solid 8.28 percent to its current level of $201.04. Solana even achieved a return of 42.86 percent in the last seven days.

Due to this enormous increase, it has now surpassed BNB and is in fourth place in the top 10 of CoinMarketCap; after Bitcoin, Ethereum and of course Tether. Although it is starting to come close to Tether’s market cap.

While Tether has a market cap of $103.3 billion, Solana currently has to make do with $89 billion. Would Ethereum already be sweating a bit about the rise of Solana? It would be extremely spectacular if Solana managed to overtake Ethereum.

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