In its continued positive performance throughout this month, Solana (SOL) has seen its daily users reach a record 2.1 million this month, surpassing Ethereum yet again. Indeed, the meme coin mania that took over the market has propelled the network to become one of the most used this year.
Moreover, Solana reached its highest weekly fee revenue, with transactions surging. To close the week, the network collected more than $4.95 million in fees, which is second to only Ethereum and nearing a record high. Yet, DeFi Llama data shows that Solana DEXes beat out Ethereum in total volumes throughout the last seven days.
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Solana Continues to Perform Well, Outpaces Ethereum in Weekly Volume
Throughout March, the digital asset market saw a host of mem coins surge in value. Tokens like Book of Meme (BOME), Dogwifhat (WIF), and Slerf (SLERF) have seen incredible increases in value, with other presale tokens bringing in tens of millions. Subseuqnlety, the activity led to massive success for the Solana network, the home of many of the coins.
That performance has continued, Solana’s (SOL) daily active users reached 2.1 million on March 17th; noting its highest-ever count, extending its leads to eventually surpass Ethereum in key areas. Specifically, data shows that Solana surpassed Etheruein in total volume over the last week.
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That continued success led to more liquidity on the network, with total value locked (TVL) surpassing $8 billion for the first time since the start of 2021. Those impressive performances had led to increases in SOL value as well. During the craze, the Sollana native token passed $200 for the first time since 2021.
That has not been maintained, as a price correction has the asset currently trading at $176 according to CoinMarketCap. Over the last seven days, those losses extend to more than 10% down for the cryptocurrency. However, the overall network performance of Solana has continued to be positive.
How the Solana network performs in the coming weeks will be incredibly interesting. A plethora of the meme coins previously mentioned ended last week on a stark decline. The digital asset market as a whole has seen a steep price correction take place. Yet, there is still potential for the activity to remain high, and benefit the Solana network into the start of April.