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Solana Memecoin Mania! Solana network activity surpassed Ethereum as interest in Solana-based memecoins increased. This activity positively reflected on the SOL price.
The popularity of memecoins in Solana brought on-chain volumes to their all-time high on Friday.
The volume of Solana, Ethereum’s leading competitor, exceeded $3.79 billion on Friday. The blockchain’s previous all-time high volume was $2.85 billion.
On Saturday, it was close to Friday’s ATH level and had a volume of $3.44 billion. The 24-hour volume is currently at $3.61 billion levels.
The number of active addresses and new wallets in Solana continues to increase. Approximately 1.2 million active addresses were recorded over the weekend, a level not seen since June 2022. At the same time, the number of new addresses on the Solana network continues to rise to new all-time highs, and approximately 870,000 new addresses were recorded over the weekend.
The total fees on the network are also at their all-time high levels. The total transaction fees paid on the Solana network yesterday were about 20.350 SOL worth approximately $3.83 million.
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Memecoins and Pre-Sales Increase Activity
One of the factors causing this ongoing activity in Solana is the influx of memecoins that started with the listing of the Book of Meme (BOME) token, which has recently attracted investors’ attention and has high return rates, on Binance. The fact that BOME increased by over 1500% a few days after its market entry is attracting investors’ attention.
Pre-sales of Solana-based memecoins have also increased. While some of these presales are accused of being scams, others are described as verified scams.
SOL Continues to Rise
Solana’s market value reached an all-time high on March 15, 2024. SOL achieved approximately a 15% increase over the past weekend and is currently trading at $201 levels at the time of writing this article.