Solana's meme coin frenzy boosts SOL above $200, while Slerf faces a $10M token burn mishap. Base network hits 2M transactions post-Dencun upgrade.
SOL Tops $200 Amid Meme Coin Frenzy

SOL Tops $200 Amid Meme Coin Frenzy

Solana's meme coin frenzy boosts SOL above $200, while Slerf faces a $10M token burn mishap. Base network hits 2M transactions post-Dencun upgrade.

Last update:
Mar 19, 2024
| Issue

Welcome to the first edition of Datawallet Daily for the week. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

SOL Tops $200 Amid Meme Coin Frenzy on Solana Network

The memecoin trading frenzy on the Solana blockchain has significantly increased on-chain activity, setting new records for volumes and fees. This surge is largely attributed to the explosive popularity of new tokens like Book of Meme ($BOME), which saw a 1500% increase after being listed on Binance, and a flurry of successful presales. A standout presale by artist Kero drew nearly 55,000 SOL. 

Additionally, Solana’s decentralized exchange aggregator, Jupiter, outpaced Uniswap V3 in Ethereum’s trading volume. The boom in activity has also resulted in a spike in both active and new addresses on the network, emphasizing its growing appeal and utility. This heightened engagement has propelled Solana’s market capitalization, with SOL’s value now surpassing $200. 

Solana Memecoin Slerf Burns $10M Presale Funds

The Solana-based memecoin project Slerf faced a severe problem when its developer mistakenly burned $10 million worth of tokens meant for a presale and an airdrop, wiping out all the funds raised from investors. In an apology posted on their X account, the team admitted there was no way to fix the issue. Team member Slorg expressed deep regret and mentioned feeling extremely upset, to the point of being sick, during a discussion on X Spaces, highlighting the serious consequences of the error for the project and its backers.

Base Surges to 2M Daily Transactions Post Dencun Upgrade

Following the Dencun upgrade, Base, Coinbase’s Ethereum layer-2 network, experienced a surge in daily transactions, reaching a record 2 million on March 16, marking a 350% increase from prior levels. This significant uptick, from approximately 440,000 transactions per day, is attributed to the dramatic reduction in fees post-upgrade. 

Moreover, daily new users on Base spiked to 666,866, indicating a 3,200% rise. The Dencun upgrade, which implemented Ethereum Improvement Proposal 4844, significantly lowered layer-2 transaction fees by enhancing data availability and reducing gas costs, contributing to Base’s growth and its position within the Ethereum layer-2 ecosystem.

Binance Announces $5M Reward for Reporting Insider Trading

Binance has introduced a reward program offering $100,000 to $5 million for information on insider trading, following suspicions raised by a significant BOME token purchase before its listing. A crypto whale’s acquisition of 314 million BOME tokens for $2.3 million, which later surged to $8 million in value post-listing, ignited insider trading allegations within the community. 

Binance, asserting its commitment to transparency and market fairness, has launched an investigation, stating preliminary findings show no Binance connection with the suspect transaction. The exchange emphasizes its dedication to a fair trading environment by encouraging community reports on misconduct and ensuring confidentiality for informants.

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