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Solana's Market Share Surges as Memecoin Frenzy Drives Network Activity

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Cryptocurrency News

Solana,Market Share,Network Fee Capture

Solana's daily market share has steadily increased from 9% to over 12% through the week, marking a significant shift in network fee capture. The surge in activity was driven by the launch of new memecoins and the influx of retail traders. The network saw a record-high of 2.1 million daily active users on March 17th. The memecoin frenzy also led to increased activity on Solana-based decentralized exchanges, and the total value locked surpassed $8 billion for the first time since January 2021. The network traffic has been beneficial for the native token, SOL.

Solana's daily market share has steadily increased from 9% to over 12% through the week, marking a significant shift in network fee capture. The surge in activity was driven by the launch of new memecoins and the influx of retail traders. The network saw a record-high of 2.1 million daily active users on March 17th. The memecoin frenzy also led to increased activity on Solana-based decentralized exchanges, and the total value locked surpassed $8 billion for the first time since January 2021.

The network traffic has been beneficial for the native token, SOL

 

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