Solana's daily fees hit record high of $33 million as Trump family memecoins boost network volume

Quick Take

  • Solana’s daily transaction fees reached a record high of $33.3 million on Sunday.
  • The fee surge was triggered by heavy user engagement in on-chain transactions amid the launch of the TRUMP and MELANIA memecoins.

Solana’s daily transaction fees reached a record high amid a large volume of trading activity surrounding memecoins, notably those linked to U.S. President-Elect Donald Trump. According to The Block's data dashboard, Solana’s network fees soared on Sunday, reaching a peak of $33.2 million in total fees. This was spurred by a high demand from users engaging in on-chain transactions.

This fee spike followed the introduction of high-profile memecoins TRUMP and MELANIA on Solana, which boosted the network's on-chain activity. Since the launch of these tokens, the daily on-chain volume on Solana-based decentralized exchanges has consistently remained over $27 billion, according to DeFiLlama — the highest volume across all Layer 1 chains.

On Saturday, Donald Trump introduced a new memecoin named Official Trump (TRUMP) on the Solana blockchain. Soon after launch, the memecoin’s market capitalization jumped to over $14 billion and its fully diluted value hit $70 billion — positioning it among the top 20 cryptocurrencies by market cap.

The next day, a second memecoin named Melania Meme (MELANIA) was launched by Melania Trump — the soon-to-be-again First Lady. This memecoin trades at a $1.6 billion market cap.

The rollout of these high-profile memecoins has had a broader impact on the Solana ecosystem, with increased trading volumes and a noticeable shift from other networks. The price of Solana’s native token has increased more than 50% in the past week and is now trading at a record-high level above $260.

The cryptocurrency market has also experienced considerable volatility over the past 24 hours. Early Monday morning, Bitcoin’s price surged to a high of $109,111 before retreating to around $108,000 at the time of writing.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

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