Solana Weathers Meme Coin Storm, Focuses on Future Scalability
Share:
Predictions Markets
See what traders are focused on
- Solana faced significant congestion when Trump’s team launched TRUMP and MELANIA.
- Chris Chung, CEO of Solana swap platform Titan, blamed dApps for the congestion.
- A CCData report confirmed that Solana is now the third-largest blockchain in terms of total stablecoin supply.
Solana proved its mettle for the mainstream with the wild launch of two new meme coins, $TRUMP and $MELANIA. The U.S president announced the OFFICIAL TRUMP (TRUMP) token on January 17th, and the First Lady followed with her $MELANIA token the next day.
The TRUMP meme coin quickly exploded to a massive $14.5 billion market cap with over $26 billion in trading volume. MELANIA followed suit, surging past a $5 billion market cap. This caused TRUMP’s value to dip. The sheer amount of trading activity caused some slowdowns on the Solana network.
Despite the huge demand, the Solana blockchain itself stayed up and running. The bottlenecks were mainly at the decentralized application (dApp) level. Chris Chung, CEO of Solana swap platform Titan, said the congestion came from dApps struggling with increased traffic, not from problems in the blockchain itself.
Platforms like Phantom and Jito…
The post Solana Weathers Meme Coin Storm, Focuses on Future Scalability appeared first on Coin Edition.
Read More
Cardano slumps under 20 cents as Hoskinson says he is 'taking a break' after warning of ecosystem failures
