The Solana blockchain is currently outperforming rivals Ethereum, Avalanche and BNB Chain in terms of network activity, growth and adoption — all thanks to the memecoin frenzy that has taken crypto markets by storm.
During the last bull cycle, memecoins grew to new highs over an extended period of time and were primarily fueled by a strong online community. Within a couple of days of launching, it had reached a market cap of $1.45 billion. Within a week, it was supported by multiple major exchanges, including Binance, Bybit and KuCoin.
A spokesperson from the research team at crypto exchange Bitrue told Cointelegraph that the market frenzy can “distort the image of cryptocurrencies, potentially undermining their credibility and the broader adoption of blockchain technology.”
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