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Solana Hits All-Time Monthly High on DEXs
Recently, decentralized exchanges (DEXs) experienced a surge in Solana activity, culminating in an all-time monthly high for the blockchain platform. In March alone, over $58 billion was traded on Solana DEXs, surpassing the previous record of $28.5 billion set in December. The driving force behind this remarkable increase in activity was the popularity of meme coins such as Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF).
Jordan “Poopie” Castro and the POOP Meme Coin
Jordan “Poopie” Castro, co-founder of Doodles, added to the meme coin craze by creating a POOP token, sparking initial excitement in the market. However, it was later revealed that the distribution of the token was not entirely equitable, leading to some controversy among investors. Despite its initial hype, the value of $POOP has significantly decreased since its debut, illustrating the volatile nature of meme coins in the crypto space.
Expanding Crypto Ecosystems and New Governance Tokens
The fervor surrounding meme coins shifted attention to other blockchain platforms like Base, which witnessed substantial growth in its meme coin offerings. Additionally, projects like Wormhole and Ethena Labs introduced new governance tokens (W and $ENA, respectively), expanding their respective ecosystems with innovative features and partnerships. Notably, Ethena Labs added Bitcoin as a backing asset to its stablecoin USDe, paving the way for increased scalability and market adoption.
Solana Struggles with Network Congestion
Despite its recent success, Solana faced challenges with network congestion and high transaction failure rates, prompting concerns from users and analysts. The network’s inability to cope with increased demand raised questions about its scalability and reliability. While some attributed the issues to bots spamming the network, others viewed them as common hurdles for Ethereum challengers like Solana. Supporters of Solana remained optimistic, seeing the network’s current challenges as opportunities for growth and improvement in the long run.
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