The Solana network experienced a surge in user activity over the weekend, surpassing Ethereum in total trading volume.
However, the network struggled to keep up with the influx, leading to frequent transaction failures and delays.
Solana’s 24 hour trading volume reached nearly $3 billion on March 17, beating out Ethereum’s daily volume of $2.04 billion.
The network also reached a new record of $3.79 billion in trading volume on March 15.
The surge in activity was driven by a speculative frenzy for new Solana-based memecoins. Book of Meme (BOME) rallied from near-zero to a market capitalization of $1.45 billion in just 56 hours.
See Also: Coinbase Solved Solana’s Delayed Sends; Solana (SOL) Surges Above $200
The surge in trading activity overwhelmed the Solana network, causing ping times to spike and transaction failures to increase.
According to data from Solana Validator, Solana’s ping time ran as high as 46 seconds on March 18, resulting in approximately 30-40% of transactions failing.
However, this hasn’t stopped the price of Solana (SOL) rallying to $203, up 8.69% over the past 24 hours and 45% in the last week alone.
Solana’s market capitalization also reached a new all-time high of $89.3 billion, overtaking BNB (BNB) to become the fourth-largest cryptocurrency by market cap.
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