#Solana transaction fees hit record highs#
Hot Topic Overview
Overview
Solana network transaction fees have recently hit an all-time high, primarily due to the release of the Trump family meme coin, leading to a significant increase in on-chain activity. After the launch of the Trump meme coin, Solana's daily transaction fees peaked at $33.3 million, more than double the previous record. Additionally, Solana DEX's daily trading volume consistently remains above $27 billion, leading all Layer 1 blockchains. Although the high transaction volume and network requests resulted in delays for some applications, these issues were quickly resolved. Solana's native token price also surged over 50%, breaking through $260 to a new all-time high.
Ace Hot Topic Analysis
Analysis
Solana network transaction fees have recently reached an all-time high, primarily driven by the launch of meme coins $TRUMP and $MELANIA by the Trump family, which has sparked a surge in on-chain trading activity. The listing of these two tokens has resulted in Solana decentralized exchanges consistently maintaining daily trading volumes above $27 billion, surpassing all other Layer 1 blockchains.$TRUMP's market capitalization has rapidly surged to $14 billion, with a fully diluted valuation reaching $70 billion, propelling it into the top 20 cryptocurrencies. Meanwhile, $MELANIA boasts a market cap of $1.6 billion, also contributing significantly to the growth of the Solana ecosystem. Furthermore, the price of the Solana native token has risen over 50% within a week, breaking through the $260 historical high.While Solana network transaction fees have reached a new peak, they have also raised some concerns. The surge in trading volume has led to network congestion, resulting in delays for some users while using wallets and the network. Despite these issues, the record-high transaction fees on the Solana network reflect its popularity and potential in the cryptocurrency market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Solana transaction fees hit an all-time high, mainly due to the release of the Trump family meme coin, which led to a significant increase in on-chain transaction activity.
Solana DEX trading volume also hit a record high, surpassing BNB Chain's record in May 2021, becoming the first blockchain with over $150 billion in monthly DEX trading volume.
The surge in transaction volume and requests on the Solana network led to delays in some applications, but these issues were quickly resolved.
Despite the record-high transaction fees, Solana network's performance is still being questioned, as network congestion occurred during peak trading times, even resulting in no transaction reports for 30 minutes.