Solana Sees Surge in Meme Coin Activity and Rising Fees
this Solana Blockchain activity is surging due to the growing craze for meme coins.
The enthusiasm has boosted network usage and pushed transaction fees to their highest level in more than a year.
Solana Meme Coin Hype Drives Network Fees and Adoption
Meme coin activity has rebounded in recent weeks due to Broader crypto rally led by major assets like Bitcoin. This recovery has significantly increased transaction volumes Solanaresulting in higher costs. According to data from Cryptorank, Solana’s transaction fees hit $0.15 this month, double the $0.08 in October and the highest level in a year.
Data from DeFiLlama shows that rising network fees contributed significantly to Solana earning approximately $78.14 million in fees over the past week, placing it among the most profitable networks. It ranks just below Tether at $93.57 million, but far ahead of Ethereum, which earned $40.9 million during the same period.
In addition to the core network, Solana-based decentralized applications (dApps) have also seen a surge in activity and fees. Platforms such as Raydium, Jito, Pump.fun and Photon have played a key role in this growth, with Pump.fun and Photon leveraging meme coin buzz to gain significant traction.
However, Wei, a cryptocurrency researcher at 1kx Network Dai language warns Solana’s activity continues to grow May cause congestion. He pointed out that chronic congestion often results in higher minimum fees, which may dissuade dApps and users – Ethereum in Decentralized Finance boom four years ago.
Despite this, Dai also admitted that Solana’s current congestion situation Mainly limited to short-term spikes, allowing patient users to still process low-cost transactions. However, he warned that this balance could shift unless network infrastructure evolves to effectively cope with growing demand.
“Solana’s congestion is ‘bursty’. Currently, users can still complete payment transactions for a short period of time with minimal fees. However, as demand increases, this may change unless the Solana technology stack is improved to stay ahead of demand.” additional.
At the same time, this peak of activity coincides with Solana reaches new price milestone. In the past week, SOL price It rose nearly 20% to an all-time high of $263, making it one of the best-performing digital assets since Donald Trump won the election on November 5.
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