The total amount of transaction fees generated on the Solana network last week stood at just 53,800 SOL, the lowest weekly amount since September 2024. From this, 77% were non-vote transaction fees generated from users “tipping” network validators to prioritize and “speed up” their transactions.
Last week’s total was 10% lower than the prior week’s figures, which is actually an improvement compared to the average weekly decline of 25% observed throughout the last six weeks. Solana’s weekly generated transaction fees are also down 85% from its all-time high of 361,000 SOL in the fourth week of January, which was the week of the $TRUMP and $MELANIA memecoin launches.
Since the $TRUMP launch, Jito validator tips have also declined significantly, as they averaged the equivalent of just $11,300 per day last week, compared to $62,000 per day during the week of the $TRUMP launch. Similarly, the 7-day moving average (7DMA) of the number of active addresses on the Solana network is also down 35% in this period.
And yes, these declining fundamental metrics have impacted the price of the SOL token itself, as it is down roughly 50% since Jan. 20.
Pump.fun, Solana’s premiere revenue- and token-generating platform, has unsurprisingly experienced similar declines. This past week, an average of just 0.89% of tokens created on pump.fun per day managed to “graduate” to Raydium, compared to an average of 1.6% per day during the third week of January. Considering the hundreds of thousands of tokens created on pump.fun every day, this 0.71% decrease is relatively significant.
For context, a pump.fun-generated token “graduating” to Raydium means it has completed its bonding curve and reached a $69,000 market cap and thus has its liquidity migrated to the Raydium DEX.
Right now, it seems like the $TRUMP memecoin launch was Solana’s peak, both in terms of network activity and token price. Whether it will be able to reach the heights set when the President of the United States launched a memecoin on the chain is the golden question in the minds of thousands, and it is near-impossible to give a definite answer.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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