Solana's Memecoin Craze
Solana Activity Surpasses Ethereum's, Ether Supply Drops To Lowest Levels Since '22, Reddit's MOONs Soar
Welcome to Coinfeeds Daily Digest! Today we cover the Solana ecosystem experiencing a massive amount of attention from the crypto community as new memecoins based on it like Book of Meme (BOME) and $NAP are skyrocketing, and as Solana has crossed $200 and overtaken Ethereum in on-chain activity by $1.1 billion. The growth of the network has also temporarily brought a transaction failure rate of 50%. Also in the world of altcoins and NFTs, the interest in Bitcoin Ordinals has surged as the NodeMonkes project got ahead of BAYC in market cap, and Reddit r/cryptocurrency subreddit's community coin MOON has hit a record high ahead of Celer's bidirectional bridge launch and the upcoming Reddit's IPO..
Market Update
News
Solana Memecoin Frenzy Leads to Big Gains and Losses
The crypto community has witnessed a surge in meme coin presales, with over $100 million worth of Solana's SOL invested in just 72 hours. These presales, often for unreleased coins, promise high returns but come with significant risks. For example, the Book of Meme (BOME) saw a staggering 36,000% rally to a $1.45 billion market cap in less than 56 hours. One meme coin trader lost approximately $147,000 in just three days from the initial investment of about $628,840. | Read More
Ethereum Supply Drops To Lowest Levels Since August 2022
Since the implementation of The Merge, over 1.56 million ether has been burned, while less than 1.12 million ether has been issued. This has led to a net decline of over 446,000 ether. Additionally, on-chain metrics for Ethereum, such as transactions, active addresses, new addresses, and on-chain volume, are at or near 12-month highs, indicating a vibrant and active ecosystem. | Read More
Solana Activity Surpasses Ethereum Amid Memecoin Frenzy; SOL Crosses $200
As interest in Solana-based memecoins surged, the platform's trading volume reached an impressive $3.52 billion over a single weekend, outpacing Ethereum by $1.1 billion. Then, Solana experienced a transaction failure rate of 50% for a period, but despite the technical difficulties, Solana's price increased to $200, cementing its position as the fourth-largest cryptocurrency by market cap. | Read More
Bitcoin Ordinals NFT Interest Soars as NodeMonkes Jump 53%
A Bitcoin Ordinals NodeMonkes NFT collection has experienced a 53% increase in its floor price, reaching 0.83 BTC ($55,890), positioning it as the second-largest NFT collection by market capitalization, approximately $558.9 million. This has rekindled interest in Bitcoin-based NFTs. | Read More
Reddit's Community MOON Token Hits High Ahead of Celer Bridge Launch
MOON, the token of the r/CryptoCurrency subreddit, has seen an unprecedented rise in value, reaching a record high of 84 cents. This is not just a random occurrence but is closely tied to the anticipation of Celer's multidirectional bridge launch. Scheduled for March 20, this technological innovation is expected to significantly increase the liquidity of MOON by facilitating transfers between Arbitrum Nova and Arbitrum One. | Read More