The excitement around memecoins and the popularity of Solana drove the on-chain volumes on March 15 to an all-time high. According to blockchain data analysis platform DefiLlama, the volume on Ethereum‘s leading competitor exceeded $3.79 billion to close the workweek. The blockchain network’s previous all-time high volume was $2.85 billion.
Interest in Solana Continues to Grow
On March 16, the volume was close to the all-time high of the previous day. DefiLlama recorded a volume of $3.44 billion on March 16, and the 24-hour volume currently stands at $3.61 billion. Other data shows that the seven-day moving average of active addresses on the Solana network continues to rise.
At the same time, the seven-day moving average of new addresses on the Solana network continues to reach all-time highs. According to data from blockchain data analysis platform The Block Data Dashboard, approximately 870,000 new addresses were recorded yesterday.
Total transaction fees on Solana also reached an all-time high. According to The Block Data Dashboard, on March 16, the total transaction fees paid on Solana reached 20,350 SOL, valued at $3.83 million, with the majority being non-priority fees.
The Memecoin Excitement Continues
The ongoing memecoin hype on Solana recently spotlighted the token Book of Meme (BOME), which saw an approximate 1500% increase since its launch a few days ago and is listed on Binance.
Meanwhile, presales have exploded in recent days. An artist named Kero launched a presale by publishing a rapidly funded wallet address and eventually raised a total of approximately $10.66 million, worth about 55,000 SOL. Kero later openly admitted to his Twitter followers that they had no idea what they would win when they initially conducted a poll.
Dog-themed Solana-based memecoins Dogwifhat and BONK continue to record significant volumes as a series of new memecoins are being created in real-time. The ongoing memecoin frenzy in the ecosystem has pushed Solana-based decentralized exchange aggregator Jupiter to surpass Uniswap V3’s Ethereum DEX in volume over the last 24 hours, according to CoinGecko’s data.
