The Solana blockchain is witnessing a surge in activity due to a growing frenzy around meme coins.
This wave of enthusiasm has boosted network usage and pushed transaction fees to their highest levels in over a year.
Solana Meme Coin Hype Drives Network Fees and Adoption
Recent weeks have seen meme coin activity rebound, fueled by a broader crypto rally led by major assets like Bitcoin. This resurgence has significantly increased transaction volumes on Solana, leading to higher fees. According to Cryptorank, Solana’s transaction fees reached $0.15 this month, doubling October’s $0.08 and marking the highest level in a year.
Data from DeFiLlama suggest that these rising network fees have contributed significantly to Solana earning approximately $78.14 million in fees over the past week, placing it among the most profitable networks. It ranked just below Tether’s $93.57 million but far outpaced Ethereum, which earned $40.9 million in the same period.
Beyond the core network, Solana-based decentralized applications (dApps) have also seen a surge in activity and fees. Platforms like Raydium, Jito, Pump.fun, and Photon have played key roles in this upswing, with Pump.fun and Photon leveraging the meme coin buzz for significant traction.
However, a crypto researcher at 1kx Network, Wei Dai cautioned that Solan
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Author: Oluwapelumi Adejumo
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