Solana’s Record High Daily Transaction Fees

Solana’s daily transaction fees hit a record high amid increased trading activity centered on memecoins 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 surge was driven by high demand from users engaging in on-chain transactions.

The fee spike followed the introduction of prominent memecoins TRUMP and MELANIA on Solana, which significantly boosted the network’s activity. Since these tokens launched, daily on-chain volume on Solana-based decentralized exchanges has consistently remained above $27 billion, the highest across all Layer 1 chains, as reported by DeFiLlama.

On Saturday, Donald Trump introduced the memecoin named Official Trump (TRUMP) on the Solana blockchain. Shortly after its launch, the memecoin’s market capitalization exceeded $14 billion, and its fully diluted value reached $70 billion, positioning it among the top 20 cryptocurrencies by market cap.

The following day, Melania Meme (MELANIA), a second memecoin launched by Melania Trump, was introduced, trading at a $1.6 billion market cap.

The rollout of these high-profile memecoins significantly impacted the Solana ecosystem, resulting in increased trading volumes and a notable shift from other networks. The price of Solana’s native token surged over 50% in the past week, now trading at a record-high level above $260.

Additionally, the cryptocurrency market experienced significant volatility in the last 24 hours. Early Monday morning, Bitcoin’s price peaked at $109,111 before retreating to around $108,000 at the time of this writing.