Week in crypto: Solana cements “ETH killer” status, memecoins defying odds, & DOT’s weakness

May 19, 2024 03:49 AM PDT | By Invezz
 Week in crypto: Solana cements “ETH killer” status, memecoins defying odds, & DOT’s weakness
Image source: Invezz

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

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

Further, Polkadot (DOT) remained on the radar as declining demand injured recovering prices.

Solana emerges as the fastest blockchain

CoinGecko’s latest data shows Solana took the speed crown, handling a daily average of 1,053 transactions per second (TPS). 

That marks a crucial milestone for SOL in solidifying its status as an Ethereum killer, which has faced criticism due to persistent network downtimes.

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

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

Solana’s incredible performance has attracted massive popularity for SOL in Europe.

Memecoins topping charts

The meme token industry dominated trends over the past seven days as PepeCoin and FLOKI recorded massive price surges. 

The frog-themed PEPE climbed to new ATHs this week. While the weakened upside steam suggested dips for the alt, massive accumulations from whales and indicate upward continuation for PepeCoin.

Lookonchain data shows a large scale investor scooped 520 billion PEPE tokens on 15 May.

Source – Lookonchain

Interest from market-moving players suggests more growth for PEPE in the coming sessions. 

PEPE traded at $0.000009371 during this writing, a drop from the weekly high of $0.000011, attained on 15 May.

Also, FLOKI saw substantial price upticks in the past week, gaining 20% to paint its 7-day chart green.

Revolt listing and the token burn proposal propelled the alt to its press time levels of $0.0002033.

Polkadot’s delayed recovery

DOT prices hover in a revival mode as the alt gained more than 6.6% in the previous week to press time values of $7.08.

Nevertheless, Artemis data confirms significant declines in daily trading volume, denting the asset’s upside trajectory.

Polkadot’s trading volume plummeted by 30% in the previous day to $123.35 million. That marks the lowest DOT has recorded since Q2 2024 began, suggesting decreased interest in the digital coin. 

Soaring prices and declining trading volume show weakness in a trend. In that context, Polkadot might hover between the $7.15 – $7.60 range in the near term.

The post Week in crypto: Solana cements “ETH killer” status, memecoins defying odds, & DOT’s weakness appeared first on Invezz


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content) is a service of Kalkine Media LLC., having Delaware File No. 4697309 (“Kalkine Media, we or us”) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.


Sponsored Articles


Investing Ideas

Previous Next