Network activity on the Solana network keeps on growing rapidly over a recent memecoin craze that has pushed transaction fees to new highs of over 20,350 SOL, worth over $4 million in a single day, eclipsing their previous record of $300,000.
Solana’s SOL token surged past $200 for the first time since November 2021 amid the trading frenzy, surpassing its previous market capitalization record of $75 billion, despite its price being over 20% below its previous high.
Weekend trading saw a surge in metrics across the Solana network, with transaction volumes, active wallets, total value locked (TVL), and reaching unprecedented levels along with fees. On-chain transaction volumes surpassed their prior high of $300 million in November 2022, climbing above $3 billion.
However, despite the surge in activity, net inflows into the Solana blockchain remain negative over the past week, indicating a lack of substantial new investment entering the ecosystem.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/18/
