Solana Posts More Volume Than Ethereum, Layer-2s: $200 Incoming?
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Solana is emerging as one of the most active networks, looking at engagement levels over the past few months. Despite concerns around FTX and whether asset distribution will lead to a dump, bulls are optimistic about what lies ahead. Holders expect SOL prices to climb higher in the coming days for multiple reasons. While the “Uptober” excitement could be a consideration, it is all concerned with on-chain activity, directly correlating with SOL demand. Solana Flips Ethereum And Layer-2s In Transaction Volume In a post on X, one analyst notes that Solana is registering more volume than Ethereum and its layer-2 platforms like Base, Arbitrum, and Optimism. Over the last day, Solana posted over $1.6 billion in volume, adding 45%. Ethereum posted over $751 million during this time, up 4%. While there was double-digit and generally impressive growth on Base and Arbitrum, at 22% and 47%, respectively, volume was low. Solana posts more volume than BNB Chain, Ethereum, and layer-2s | Source: @0xGumshoe via X Base, the fourth largest, recorded $480 million, while Arbitrum, which followed, registered $240 million. The Polygon, an Ethereum sidechain, posted over $93 million in volume, up nearly 4%. Solana outperformed Ethereum and its layer-2s and surpassed activity on the BNB Chain. Although the platform is the third most active, generating more volume than any of the multiple Ethereum layer-2s, volume fell by nearly 3% to $671 million. The spike in Solana’s transaction volume points to the network’s role in the broader crypto ecosystem and users’ preference for highly scalable solutions. The blockchain’s reliance is also a factor that’s being worked on. Despite the 45% spike in transaction volume, Solana didn’t stop, as it was the case in the past when a surge in activity forced the network offline. Pump.Fun Token Plans To Push SOL Above $200?…
Filed under: News - @ October 22, 2024 5:18 am