Solana Consolidates ‘ETH Killer’ Status, Memecoins Defy the Odds and DOT Weakness

Week in Cryptocurrency: Solana Consolidates ‘ETH Killer’ Status, Memecoins Defy the Odds, and DOT Weakness

2024-05-19 06:49:08 ET

The cryptocurrency market closes out yet another week with attention-grabbing headlines.

Solana (SOL) takes the speed crown and surges in meme tokens PEPE and FLOKI are among the topics that have dominated the trends.

Additionally, Polkadot (DOT) remained on the radar as falling demand hurt the price recovery.

Solana emerges as the fastest blockchain

The latest news from CoinGecko

data

shows that Solana has taken the speed crown, managing a daily average of 1,053 transactions per second (TPS).

This marks a crucial milestone for SOL in cementing its status as an Ethereum killer, which has faced criticism due to its persistence

network downtime

.

SUI, Binance Smart Chain, and Polygon follow with 854 TPS, 378 TPS, and 190 TPS, respectively.

Meanwhile, major blockchains Bitcoin and Ethereum have struggled with limited transaction speeds of 10.7 TPS and 22.8 TPS.

Solana’s incredible performance attracted

huge popularity for SOL in Europe

.

Memecoins at the top of the charts

The meme token industry has been dominating trends for the past seven days as PepeCoin and FLOKI have seen massive price increases.

The frog-themed PEPE hit new ATHs this week. While the upward steam weakened

suggested dives

for the alt, massive accumulations by whales and indicate an upward continuation for PepeCoin.

Interest from market movers suggests more growth for PEPE in the coming sessions.

PEPE was trading at $0.000009371 at the time of writing, down from a weekly high of $0.000011 reached on May 15.

Furthermore, FLOKI has seen substantial price increases over the past week, gaining 20% ​​to paint its 7-day chart green.

List of riots

and the token burn proposal pushed the alt to the $0.0002033 print time level.

Polkadot’s delayed recovery

DOT prices are floating in revival mode as the alt gained more than 6.6% in the previous week, reaching a time value of $7.08.

However, Artemis data confirms significant drops in daily trading volume, denting the asset’s bullish trajectory.

Polkadot’s trading volume plunged 30% the previous day to $123.35 million. This marks the lowest DOT recorded since the start of the second quarter of 2024, suggesting a decline in interest in the digital currency.

The surge in prices and the decline in trading volume show the weakness of a trend. In this context, Polkadot could range between $7.15 and $7.60 in the near term.

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