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.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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