Solana’s transaction volume has surpassed Ethereum and its layer-2 platforms such as Base, Arbitrum, and Optimism, recording over $1.6bn in volume, up 45%. Despite the significant increase in transactions, Solana’s network remained functional, unlike in the past when surges caused it to go offline. The successful run is attributable to increased meme coin activity and Solana’s low fees. Bulls predict the price of SOL, currently trading above $166, will surpass $200 in the near future, particularly with the anticipated release of Pump.fun’s native token and its meme coin trading platform.
The Defi Comment:
Solana, a rapidly growing cryptocurrency network, is outperforming Ethereum and its layer-2 platforms in terms of transaction volume. In just a day, Solana registered a volume of over $1.6 billion, a 45% increase. This is considerably higher than Ethereum’s $751 million in the same period. Additionally, Solana outpaced BNB Chain’s activity, despite the platform being the third most active. Solana’s transaction volume hike demonstrates the network’s significance in the overall cryptocurrency ecosystem and highlights users’ preference for scalable solutions. Alongside this, the network’s increasing reliability and its low fees are attracting meme coin activity. The anticipated release of Pump.fun’s native token is also expected to boost transactions on Solana. As a result of this increased on-chain activity, SOL, the coin, may benefit. It’s currently trading at over $166 and possibly could build a base for further gains, lifting SOL above $200.
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