Memecoin Mania: Solana Surges as Ethereum Falters, $212M at Risk

During the recent surge in memecoin frenzy, Solana-based decentralised exchanges (DEXs) surpassed Ethereum counterparts in trading volume, causing Solana's network activity to outpace Ethereum. As memecoin fever gripped the market, Solana's total trading volume on March 16 exceeded Ethereum's by $1.1 billion, reaching $3.52 billion, according to DefiLlama. This surge in activity comes amidst concerns over Ethereum's price drop, which fell by 18% in the past week, touching a high of $4,000 before dropping to $3,325. Should Ether's price dip below $3,100, there's a risk of over $212 million worth of leveraged long positions getting liquidated, as per Coinglass data. Additionally, ParaSwap narrowly avoided a hack by pausing its Augustus v6 contract API after discovering a vulnerability, ensuring the safety of potential victims' funds through a white hat intervention.