Amidst the fervor of the ongoing bull run in the cryptocurrency realm, enthusiasts are witnessing significant activity across various blockchain networks. Solana, an eco-friendly blockchain platform, has notably surpassed Ethereum in recent days, attributed to the surge of Solana-based NFTs and memecoins captivating the global Web3 community. According to data compiled by Coinbase, transactions worth $11 billion occurred on the Solana blockchain in the last 24 hours alone, reflecting a surge in interest with individuals investing in small tokens and memecoins based on the network.
Solana Leads as Most Popular Blockchain
In a recent analysis by CoinGecko, Solana emerged as the top-ranked blockchain in terms of popularity. According to their findings, Solana commands 49.3 percent of global crypto investor interest.
Solana’s Remarkable Growth
Launched in 2020 by Solana Labs, founded by Anatoly Yakovenko and Raj Gokal in 2018, Solana initially priced its native token SOL at $0.22. With the recent spike in Solana-based activities, the token’s price has surged significantly. This week, SOL breached the $200 mark for the first time, experiencing a surge in value. Despite a slight correction, SOL is currently trading at $175. Over the past year, SOL’s value has skyrocketed by an impressive 700 percent.
Memecoin Mania and Trading Volume
Solana’s popularity is further evidenced by the substantial trading volume on decentralized exchanges (DEXes), with SOL dominating the on-chain trading scene. In the past 24 hours, DEXes on the Solana chain recorded a trading volume exceeding $6 billion, far surpassing Ethereum’s $2.1 billion. Memecoin frenzy is identified as the primary catalyst for the significant on-chain trading activity witnessed on Solana.
Ethereum’s Standing and Updates
Although Ethereum underwent a significant update known as Dencun earlier this year, it maintains its position as the second most popular blockchain, as per CoinGecko’s analysis. Ethereum holds 12.73 percent of the global traffic share between January 1 and March 18, 2024. Analysts suggest Ethereum’s established ecosystem and familiarity among investors contribute to its sustained popularity, distinguishing it from newer crypto narratives.
Other Prominent Blockchains
CoinGecko’s list ranks BNB Chain, Cosmos, Avalanche, and Arbitrum as third to sixth in popularity, respectively. These platforms hold significant positions within the crypto landscape, each contributing unique features and functionalities to the broader blockchain ecosystem.