1. Solana has become the fourth-largest cryptocurrency by total market value.

2. Surpassing ETH, Solana has exceeded the daily trading volume this month.

3. NuggetRush, a memecoin, showcases real-world functionalities such as P2E gaming and NFT staking.

Over the recent weekend, the network activity on Solana witnessed a remarkable increase, outpacing even Ethereum's network. However, Solana faced challenges in accommodating the influx of new users, resulting in numerous transaction failures or delays. On March 17, Solana recorded approximately $3 billion in trading volume within a 24-hour timeframe, surpassing Ethereum's $2.04 billion. Just a day earlier, on March 15, Solana achieved a new high with $3.79 billion in trading volume, coinciding with the excitement surrounding new meme coins on Solana, like Book of Meme (BOME), which skyrocketed from almost negligible value to $1.45 billion in just 56 hours.

Concurrently, memecoins have been boosting trends by further increasing trading volumes. Notable cryptocurrencies such as NuggetRush have demonstrated a steady rise in investor participation during their presale events. This surge has also led to heightened trading activity for other prominent cryptocurrencies in the market. The current scenario calls for a thorough analysis of the trading momentum to gauge its persistence.

Solana Faces Challenges in Managing Daily Trading Volume

The surge in trading overwhelmed Solana's network this month, evident by the spike in ping times, measuring network responsiveness up to 46 seconds on March 18. Consequently, around 30-40% of transactions ended in failure. Despite these challenges, the price of Solana's cryptocurrency climbed to $203, marking an 8.69% increase from the previous 24 hours. Notably, this reflects a 45% increase from a week ago, positioning Solana as a top cryptocurrency for investment. Solana's market cap saw a record high of $89.3 billion, propelling it to be the fourth-largest cryptocurrency by market value, surpassing Binance Coin (BNB).

The escalating interest in Solana (SOL) on Google Trends underscores its growing popularity, with the market value witnessing a tenfold increase, positioning it as the fourth-largest cryptocurrency by value. It now outranks BNB Chain by over four billion dollars. This week witnessed significant growth in SOL's value, facilitating the success of its decentralized exchange (dex) platforms, thereby making Solana's blockchain a preferred choice for 24-hour trading. Solana's dex platforms recorded $2.802 billion in transactions, surpassing Ethereum's $2.03 billion.

Solana's dex applications have locked in $1.248 billion, while Ethereum's dexes hold $3.255 billion. Notably, Solana's non-fungible token (NFT) sales totaled $65,053,736 this week, securing the third spot after Bitcoin and Ethereum. Overall, Solana is second only to Ethereum in NFT sales, with total sales amounting to $5.22 billion. This solidifies its status as the leading NFT platform for digital art collections worldwide.

Memecoins, Including NuggetRush, Garnering Favorable Investor Response

Solana's recent trading momentum has spurred the entry of other memecoins into the market. NuggetRush, a new memecoin in the crypto space, has made a significant impact by raising over $3.4 million from investors during its presale phase. The coin's growth trajectory positions it as a strong contender against established memecoins like Dogecoin and Shiba Inu, offering real-world utilities such as Play-to-Earn gaming, tax-free transactions, and NFT staking features.

Priced at just $0.019 per token, NuggetRush appeals to a wide range of investors. The pricing is structured based on presale rounds, with the launchpad phase nearing its conclusion ahead of the live launch. The coin's zero-tax policy on NUGX token transactions serves as an attractive feature, reducing associated fees compared to other cryptocurrencies. Additionally, the incorporation of a DAOs-based Memecoin Governance model ensures community involvement in shaping NuggetRush's future roadmap.

For investors seeking new memecoins that offer substantial earning potential through gaming skills, NuggetRush presents a lucrative opportunity.

Conclusion

Solana's recent surge in daily trading volume surpassing Ethereum's underscores its increasing prominence. Memecoins like NuggetRush are driving this growth trajectory, elevating Solana's valuation even further. As more investors gravitate towards Solana and its innovative functionalities, it solidifies its position as a preferred choice among investment options. NuggetRush's user-friendly platform and investor-friendly features make it a promising investment avenue.

Source: The Bit Times