Memecoin Mania Spurs Record Network Activity
Solana’s daily transaction fees soared to an unprecedented $33.3 million on Sunday, fueled by intense trading of memecoins TRUMP and MELANIA. Introduced by U.S. President-Elect Donald Trump and First Lady Melania Trump, these tokens ignited a surge in on-chain activity, pushing Solana to its highest-ever fee earnings.Market Impact of TRUMP and MELANIA Tokens
The TRUMP token rapidly achieved a $14 billion market cap, while MELANIA climbed to $1.6 billion. Combined, these tokens drove over $27 billion in daily trading volume on Solana-based decentralized exchanges, eclipsing all other Layer 1 chains in transaction activity.SOL Price Surge Amid Memecoin Craze
The heightened activity significantly boosted the price of Solana’s native token, SOL, which has risen by more than 50% over the past week, surpassing $260. The cryptocurrency market also witnessed volatility, with Bitcoin briefly hitting $109,111 before stabilizing at $108,000.
Read the full article on
theblock.
