Solana Network Faces Outage Amid Surge in TRUMP and MELANIA Meme Coin Activity
The Solana (SOL) network has gained traction, registering a 41% increase in price last week, reaching approximately $267. This surge led to an all-time high of around $293, with a fully diluted valuation of about $158 billion.
- Trading volume surged by 45%, averaging around $36 billion.
- Phantom Wallet processed $1.25 billion from 10 million transactions in 24 hours.
- Network issues arose due to high traffic, causing processing delays and fee increases over 120%.
- Total value locked (TVL) on Solana reached an all-time high of $11.64 billion.
- New meme coins associated with Donald Trump gained significant on-chain interest, with the TRUMP coin attracting nearly 1 million holders in 48 hours.
- MELANIA coin achieved over 442,000 on-chain holders and pooled liquidity of more than $233 million.
To compete with Ethereum (ETH) in DeFi, Solana must enhance its throughput beyond 65K transactions per second and accelerate development of its layer two scaling solutions.