Solana Achieves Record Daily Transaction Fees of $35M Amid Trump Memecoin Surge
The Solana blockchain reported unprecedented daily fees following the launch of Donald Trump's token, highlighting its growing transaction activity.
Key Points:
- Donald Trump’s token (TRUMP) launched on the Solana blockchain, boosting trading activity.
- Generated over $35 million in fees with at least $14 million in revenue.
The most active blockchain has reported its highest daily fees ever. The official token of former President Donald Trump, TRUMP, was launched on the Solana blockchain last Saturday, which intensified trading volumes throughout the weekend.
From Saturday to Sunday, the network generated more than $35 million in fees and at least $14 million in revenue, according to DeFiLlama data. This activity was recorded across approximately 6 million active addresses.
These fees reflect a doubling of the volumes seen on November 22, which were nearly $14 million from various AI Agent tokens that caused a trading frenzy on the network.
Such figures are exceptionally high for a cost-efficient blockchain where transactions generally settle for just fractions of a cent. Indeed, the TRUMP token attracted an astounding $3 billion in trading volumes over the weekend, and other ecosystem coins like Jupiter’s JUP also saw increased trader interest.
The decision to utilize Solana as a launch point for this token increased both demand and sentiment for SOL tokens, as reported by CoinDesk. SOL trading volumes spiked from $3 billion on Thursday to over $26 billion in the subsequent 24 hours, marking a weekly increase of over 46%.
Notably, SOL has surged nearly 3,000% since hitting a three-year low of $9 last December, which was largely impacted by the collapse of crypto exchange FTX and its notable backer Sam Bankman-Fried.
Additionally, later on Sunday, Melania Trump introduced her own memecoin, causing fluctuations in the TRUMP token’s value, which plunged by 50% at one point due to heightened trading volumes and demands on the network, affecting ecosystem applications like Jito and Phantom temporarily.
Phantom reported 8 million transaction requests per minute on X, with users swapping over $1.25 billion in volume and executing 10 million transactions within just 24 hours.
