Most volatile weekend in a year as Solana dominates yet Bitcoin recovers
Over the past weekend, the cryptocurrency market experienced one of the most volatile periods in a year. Solana, a relatively new but rapidly growing blockchain platform, dominated the headlines as its native token SOL surged to new all-time highs. At the same time, Bitcoin, the largest cryptocurrency by market capitalization, managed to recover from a recent dip.
Solana activity flips Ethereum amid memecoin craze, even as txs fail
According to a report by Cointelegraph, Solana’s activity surpassed that of Ethereum during the weekend, fueled by the memecoin craze that has been sweeping the cryptocurrency market. Despite some transaction failures on the Solana network, the platform’s on-chain activity continued to climb, showcasing its growing popularity among users.
Solana’s memecoin mania pushes on-chain volumes and fees to new highs
On-chain volumes and transaction fees on the Solana network reached new highs as a result of the memecoin mania that has taken hold of the platform. The Block reported that Solana’s ecosystem saw a significant increase in activity, with users flocking to the network to participate in various memecoin projects.
This Move May Make Solana the Third-Largest Crypto, Flipping USDT: Here’s When it Could Happen
Coinpedia Fintech News suggested that Solana could potentially become the third-largest cryptocurrency by market capitalization, surpassing stablecoin USDT. The report outlined a timeline for this potential milestone, highlighting the rapid growth and adoption of Solana within the cryptocurrency market.
Why Solana, NEAR Protocol, and Avalanche Jumped This Week
The Motley Fool analyzed the recent price surges of Solana, NEAR Protocol, and Avalanche, attributing their jumps to various factors such as positive market sentiment, network upgrades, and partnerships. The report underscored the increasing interest in alternative blockchain platforms beyond Ethereum and Bitcoin.