Summary
TLDR: Solana saw record activity on DEXs in March driven by meme coins like POOP, but the distribution of POOP token was not equitable. Base also gained attention for meme coin offerings. Governance tokens like $W and $ENA were launched successfully, but Solana struggled with high transaction failure rates. Supporters believe Solana will come out stronger.
Key Points
1. Solana set an all-time monthly high for activity across decentralized exchanges in March, with over $58 billion traded, driven by the popularity of meme coins like Dogwifhat, Bonk, Book of Meme, and Slerf.
2. The launch of the $POOP meme coin by Doodles co-founder Jordan Castro created a buzz, but controversy arose over the distribution of the token, leading to a significant drop in its value.
3. The launch of governance tokens like $W from Wormhole and $ENA from Ethena Labs marked significant developments in the crypto space, with $ENA hitting an early market capitalization of $1.4 billion.