Degens were heavily investing in Solana-based memecoins such as Book of Meme (BOME) and SNAP, causing the network to struggle to keep up with the surge of activity 1.
The surge in Solana network activity was fueled by an outsized appetite for new memecoins. For instance, Book of Meme (BOME) rallied from near-zero to a market capitalization of $1.45