Solana Trading Volume Skyrockets, Memecoins Dominate the Market

On March 15, Solana's blockchain trading volume reached its highest point in two years, driven by the surge in memecoins like SLERF, Pepe coin, BEFE, and Shiba Inu. SLERF saw a $2 billion trading volume on March 19, while BEFE has shown significant growth potential, outperforming Shiba Inu. Shiba Inu, known for its volatility, has experienced recent activity but remains a short-term investment option compared to BEFE's long-term prospects.

Solana Blockchain Trading Volume Soars, Memecoins Witness Surge

On March 15, the trading volume on Solana's blockchain reached its highest level in over two years, according to data from CoinMarketCap and DEX Screener. The surge was driven by a surge in trading activity in memecoins such as SLERF, Pepe coin, BEFE, and Shiba Inu.

SLERF: A Cautionary Tale

SLERF, a memecoin built on the Solana blockchain, experienced a meteoric rise in trading volume, reaching a staggering $2 billion on March 19, 2024, as per DEX Screener data. The price of SLERF currently stands at $0.595496 USD, with a 24-hour trading volume of $605,836,095 USD as of March 23rd.

However, SLERF's surge was marred by a significant setback when a developer unexpectedly burned $10.6 million of the SLERF community's funds. This incident resulted in the need for reimbursements to affected users in small increments during the initial round of SLERF presale refunds.

BEFE: The King of Memecoins

BEFE coin, often referred to as the king of memecoins, has demonstrated significantly greater potential than other memecoins, including Shiba Inu and SLERF. While SLERF has stumbled with its burn token mishap, BEFE has made steady progress in a shorter time frame than either Shiba Inu or SLERF. In approximately one year, BEFE has surged by over 502%.

Investors have flocked to BEFE, recognizing its potential compared to Shiba Inu, which has experienced only a 137.7% increase. With a circulating supply of just 100 billion tokens and an average daily trading volume (ADTV) of $373,000, BEFE has gained significant traction. Its strong community support and accessibility on both the Ethereum network and the BSC make it more attractive to buyers than Shiba Inu and SLERF.

Shiba Inu: Short-Term Potential, Long-Term Volatility

Shiba Inu (SHIB) has long been known for its high price volatility since its entry into the cryptocurrency market. The ERC-20 coin lacks significant technological advancements but has gained popularity through community-led initiatives.

As a result, Shiba Inu experiences more price volatility than BEFE coins. Social media hype and market sentiment often drive Shiba Inu price fluctuations, making it less suitable for long-term investments compared to BEFE. Despite a recent uptick in activity, Shiba Inu's price has dropped from $0.00002 to $0.00002446, indicating a 4.4% decline in the past 24 hours. While it may present short-term investment opportunities, BEFE remains a more stable choice for long-term investors, followed by SLERF.