Solana’s blockchain ecosystem is riding high on the wave of meme tokens, witnessing a significant surge in network interactions and fee revenues.
Recent data analysis reveals that Solana generated over $20 million in fees within a week, positioning itself as a formidable contender behind Ethereum in this domain.
The platform’s market share also witnessed a substantial increase, capturing 10.75% of the total transaction fees.
According to cryptocurrency expert David Alexander II, Solana’s network fee capture has experienced a remarkable upswing, fueled by the growing interest in newly launched meme tokens like SLERF, DUKO, and BOOK OF MEME. This shift marks a departure from Solana’s historically low fee capture of under 1%, signaling its burgeoning popularity and robust activity in the crypto market.
The surge in meme token enthusiasm has translated into surging user engagement on Solana’s platform, with daily active user figures peaking at 2.1 million on a single day. Decentralized exchanges operating on the Solana network have witnessed heightened activity, with weekly volumes surpassing those of Ethereum’s DEXs, as reported by DeFiLlama.
Amidst this heightened activity, Solana’s liquidity has also seen a significant uptick, with the total value locked surpassing $8 billion.
The price of Solana’s native token (SOL) experienced a momentary surge, breaching the $200 mark, a peak not witnessed since December 2021, before settling at $174.
