Solana (SOL) Transaction Volume Hits 1-Year High as Memecoin Activity Booms
cryptonews.comSolana (SOL), a high-performance blockchain platform, has reached a significant milestone with its transaction volume surging to a one-year high. Memecoin activity has been one of the driving factors behind this surge, but can any of the Solana memecoins keep up with Meme Mogul’s token during the presale stages? Let’s jump into the details.
Solana has risen from the ashes to become one of the most used blockchains in the market. Data from The Block shows that on-chain transactions have surged more than 700% since early December.But what may surprise you is that it is not due to its large number of decentralized applications (dApps). Instead, it’s largely due to the increase in memecoin activity on the Solana network.This trend began with BONK surging 16,500% in just two months to become recognized as Solana’s meme token. BONK was listed on major exchanges such as Coinbase and Crypto.com as the first Solana memecoin to gain widespread recognition.Since then, other meme tokens such as WIF and SILLY have reached $100+ million market caps as people look for the next BONK. The demand for these tokens has led to a sharp increase in transaction volume on the Solana network.
The rise in Solana usage reflects the platform’s fast transaction speed and near-zero fees. While it can cost $20-$50 for a swap on Ethereum’s Uniswap, it usually costs just a fraction of a cent on Solana’s Jupiter DEX.This impressive performance has led many to believe Solana could dethrone Ethereum as the #1 blockchain regarding developer activity and dApps. However, some argue that Solana’s current success is largely fueled by memecoin hype and may not be sustainable.It is important to note that while Solana has taken a monolithic approach to blockchain
