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

By:
on May 19, 2024
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  • CoinGecko report highlights Solana as the fastest blockchain.
  • PepeCoin and FLOKI defy expectations with significant price surges.
  • Declining trade volume darkens Polkadot’s path despite a 6.6% weekly surge.

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

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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

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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

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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

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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.

Altcoins Blockchain technology Crypto Crypto business