- Users reported problems with failed transactions on Solana, evidencing the network’s difficulties in handling the spike in activity.
- Meme cryptocurrencies such as Book of Meme (BOME) and “$NAP” (NAP) experienced dramatic increases in their market capitalization.
Fundraising through presales for memecoins on Solana has surpassed $100 million in the last three days, using a funding model that has generated debate within the crypto community.
One hundred million dollars ($100M)
Sent to memecoin presales in the last 48 hours, on Solana
Can't believe we've reached such high levels of degeneracy this fast
It's not the way I wanted it to be, but this makes SOL price targets a lot higher than expected
— Gumshoe (@0xGumshoe) March 17, 2024
This method has attracted attention for its potential for fraud, as it offers no guarantees that investors will receive tokens in exchange for crypto sent to presale addresses.
2 years later and everyone is right back to bidding ponzis
People can do what they want with their money but sending money to a "memecoin presale" that has a 99.9% chance of rugging is actually just dumb as hell https://t.co/cWL3xjzlE2
— sassal.eth/acc 🦇🔊 (@sassal0x) March 18, 2024
For Solana, this spike in activity and interest in memecoins highlights its ability to attract and handle large-scale projects, as we have reviewed in ETHNews, although it also points to the need to improve the scalability and reliability of the network.
All 3 #Solana indicators are in price discovery 👀
Nobody knows where this goes next.
6x from here is in play with tremendous yield producing oppertunity.
Dont forget if you hold a native L1 crypto you not only get appreciation from adoption you get defi yield from lending… pic.twitter.com/NxgUHAd11a
— MartyParty (@martypartymusic) March 17, 2024
The situation highlights the continued search for investment opportunities, while underscoring the importance of diligence and caution on the part of investors in the face of high-risk fundraising models.
According to DefiLlama figures, on March 16, Solana recorded a trading volume of $3.79 billion, surpassing the daily volume in Ethereum by a difference of more than $1.1 billion.
However, this success brought with it certain technical complications, reflected in multiple complaints from users on X, who faced problems with transactions failing or simply not completing.
Information shared by a Solana node operator, known as “Dagnum” on X, revealed that wait times to process a transaction ranged from 20 to 40 seconds around 8 pm UTC on the aforementioned day, leading to a failure in about half of the transactions within 20 minutes.
The massive attraction to new memecoins on Solana, particularly to Book of Meme (BOME), whose valuation jumped from virtually nothing to $1.45 billion in just 56 hours, and to “$NAP” (NAP), which saw its market capitalization rise from $20 million to more than $330 million in less than 18 hours, was the driver behind this spike in activity.
