Solana Surpasses Ethereum Main Chain Profitability

Bittime - Solana's financial performance surpasses that of Ethereum, with its economic value reaching over $2 million. This happened because Ethereum's value experienced a decline after reaching its peak, triggered by the launch of EIP-4844.

Solana Surpasses Ethereum Main Chain Profitability

Solana has for the first time surpassed Ethereum's main chain profitability, according to on-chain analyst Leon Waidmann.

Waidmann's statement, shared on [the platform in question], highlights this achievement. It should be noted that this comparison does not take into account Ethereum's value as a fuel and means of payment in various Layer 2 (L2) networks.

Check Today's Crypto Market:

Comparison of the Economic Value of Ethereum Vs Solana

This graph created by Blockworks and shared by Waidmann compares the total economic value generated from transaction fees and miner extractable value (MEV) for Solana and Ethereum in the period February 14 to May 12, 2024.

Ethereum hit a high of $40 million in late February, signaling rapid growth in economic value since the middle of the month.

However, after this peak, the value experienced a gradual decline with several brief spikes, and stabilized in the $10 million to $15 million range during April. By May 12, Ethereum's economic value continued to decline and ended below $2 million.

Also read: What is Catwifhat (CWIF)? Solana Cat Coin that Has Deflationary Properties

Solana Surpasses Ethereum Profits By Over $2M

Although Solana's peak value was significantly lower than Ethereum, the platform reached its highest point during the same period.

Starting with relatively low values ​​in mid-February, similar to Ethereum's early stages but on a smaller scale, Solana showed a steady increase throughout March, with several peaks coinciding with Ethereum's bearish phase.

Its value stabilized slightly higher than Ethereum in April and towards the end of the period, Solana surpassed Ethereum, with a final value of more than $2 million on May 12.

The Solana Meme Coin Phenomenon

Amidst the frenzied pre-market rise in GameStop (GME), a Solana meme coin of the same name experienced a fantastic surge.

Within two days, the coin skyrocketed 3,914%, as reported by The Crypto Basic. The phenomenon was sparked by a surprising rally in shares of the original GameStop, which prompted investors to turn to crypto meme coins with similar names, including the Solana-based GameStop coin.

Check Price:

Current Price of Solana ($SOL).

Currently, the price of Solana (SOL) is at $143.86 with a 24-hour trading volume of around $2.37 billion. Compared to the last 24 hours, Solana experienced a decline of 1.60%, and 2.60% in the last seven days. With a circulating supply of 450 million SOL, Solana's market capitalization stands at $64.61 billion.

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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.