The Solana blockchain has experienced a sharp increase in on-chain volumes and fees, reaching $3.79 billion in volume on Friday with total fees at all-time highs.

Active and new addresses on Solana have surged, hitting levels not observed since 2022, indicating growing interest in the platform.

New tokens and presales are launching on Solana, such as Book of Meme (BOME) which saw a 243% value increase in 24 hours and a 2,500% gain over seven days following its Binance listing.

While BOME's success reflects typical memecoin launch patterns with rapid initial growth, its long-term sustainability is uncertain and influenced by broader market trends.

Scams have been reported in some memecoin presales, warning investors to be cautious and conduct due diligence.

Other Solana-based memecoins like Dogwifhat and BONK are also seeing significant trading volumes, with Jupiter DEX exceeding Uniswap V3's Ethereum DEX in 24-hour volume.

Solana's market capitalization reached a new all-time high on March 15, with SOL trading around $193, propelled by the memecoin trading frenzy.

PENG, a new meme token on Solana with a market cap of $216 million, is making strategic partnerships and seeking a Binance listing, reflecting the speculative nature of the market.

Investors are urged to research thoroughly before investing in the volatile and speculative memecoin market.