Enthusiasts of digital currencies seem to be capitalizing on the current market upswing, leading to a surge of activity on various blockchain networks. The eco-friendly Solana blockchain, currently ranking high in popularity, has outshined Ethereum in recent times. The catalyst behind this success can be attributed to the craze surrounding Solana-based NFTs and memecoins, which have caught the eye of individuals within the global Web3 community. Data compiled by Coinbase indicates that within just 24 hours, transactions worth $11 billion (approximately Rs. 91,703 crore) were processed on the Solana blockchain, as users snapped up small tokens and memecoins associated with the network.

According to a recent evaluation by CoinGecko, Solana has clinched the top spot on the roster of most favored blockchains. Analysis of the data reveals that Solana commands an impressive 49.3 percent of global interest from crypto investors. Solana made its debut in 2020 under the stewardship of Solana Labs, founded by Anatoly Yakovenko and Raj Gokal back in 2018. At the outset, the native token of Solana, known as SOL, was valued at $0.22 (around Rs. 18). However, with the escalating buzz surrounding Solana-driven activities, the token's value has surged as well. Just this week, the price of the SOL token crossed the milestone of $200 (approximately Rs. 16,700) for the first time since its inception. Following a brief period of price correction, SOL is currently trading at $175 (about Rs. 14,600). Notably, SOL has witnessed an extraordinary surge in value, skyrocketing by a staggering 700 percent over the past year.

As reported, the Solana blockchain has raked in $150 million (roughly Rs. 1,252 crore) through the sale of memecoins like Bonk and Slerf. Consequently, transaction fees on Solana have experienced a notable uptick in recent months, despite the network's reputation for offering lower gas fees in comparison with others. The CoinSwitch Markets Desk shared their perspective with Gadgets360, stating, “Solana has demonstrated immense strength. The trading volume on decentralized exchanges (DEXes) has predominantly favored SOL, with a total volume exceeding $6 billion (approximately Rs. 50,190 crore) on the Solana chain over the past 24 hours, greatly surpassing the figure for Ethereum, which stood at only around $2.1 billion (about Rs. 17,566 crore). The fervor surrounding memecoins is the primary force driving the current on-chain trading activity."

Turning attention to Ethereum, the blockchain underwent a significant update known as Dencun earlier this year. Despite this, Ethereum has secured the second spot on CoinGecko's compilation of the most popular blockchains. Between January 1 and March 18, 2024, Ethereum garnered a 12.73 percent share of global traffic. An analysis remarked, “This may be due to Ethereum's well-established ecosystem and familiarity among investors, which has rendered it no longer a novel or trending crypto narrative."

The BNB Chain, Cosmos, Avalanche, and Arbitrum secured positions three through six on CoinGecko's list of popular blockchains, reflecting the ever-evolving landscape of the digital currency realm.