CoinGecko: Solana becomes the fastest blockchain amid meme coin trend

Breaking records and blazing ahead of the competition, Solana has been crowned the speed champion among top blockchains in a recent report by CoinGecko.

On April 6th, the Solana blockchain was buzzing with a staggering 1,504 transactions per second. This record-breaking TPS was fueled by the hype surrounding meme coins. Talk about a wild ride for the crypto world.

“This makes Solana 46 times faster than Ethereum and more than five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.”

CoinGecko report

Solana, known for its lightning-fast blockchain technology, has only reached a mere 1.6% of its maximum speed potential of 65,000 transactions per second. However, BNB Chain and Polygon have emerged as the true speed demons of the blockchain world, boasting 378 TPS and 190 TPS respectively. In comparison, Ethereum falls behind at a sluggish 22.7 TPS, making Polygon a whopping 8.4 times faster.

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Breaking records left and right, the TPS world has been on fire for the past year. With a whopping 24 networks hitting their peak in 2023 and 2024, it’s clear that the race for speed is at an all-time high.

However, there’s always an outlier, and in this case, it’s the tortoise of the bunch – Thorchain, whose speed surprisingly peaked back in 2022. According to CoinGecko, the charts are buzzing with activity as on-chain transactions soar, fueled by the hype and speculation surrounding meme coins.

Despite its impressive speed, Solana’s network was not immune to the rise of fraudulent tokens. In fact, a cryptocurrency sleuth known only as ZachXBT uncovered a shocking truth: 12 meme coin projects on Solana’s blockchain were created by scam artists who quickly abandoned them after swindling investors in their initial coin offerings.

A staggering 27 meme coin projects on Solana managed to rake in a whopping $112 million from unsuspecting investors.

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