- Solana (SOL) transaction fees dropped to a multi-month low after peaking at $5 million in March.
- The decreasing popularity of meme coins on the blockchain seems to be a reason for the fee decline.
- The TVL of leading projects on the SOL blockchain has also tanked massively.
Solana’s daily transaction fees have plummeted recently, hitting a multi-month low. This drop comes as the meme coin hype on the blockchain cools down, partly due to the launch of Tron DAO’s SunPump.
Data from TheBlock’s dashboard shows that Solana’s daily transaction fees reached a multi-month low after peaking at $5 million in March this year. Lower fees are good news for people moving money on the blockchain, but it also signals that activity on the network has slowed, with pump.fun, a Solana-based meme coin platform, losing steam.
According to CoinMarketCap data, the top Solana ecosystem tokens include major stablecoin Tether USD (USDT), Solana (SOL) itself, Circle USD (USDC), Chainlink (LINK), and Render (RENDER). Meanwhile, the top meme coins on Solana are dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), BOOK OF MEME (BOME), and cats in a dogs world (MEW), based on Coingecko data.
Interestingly, after Tron founder Justin Sun announced SunPump, a lot of the buzz from Solana’s meme coin scene shifted to the Tron ecosystem. The platform gained over 10,000 users with a massive $1.1 million revenue and the current revenue stands above $3 million.
Despite losing some meme coin dominance and seeing lower transaction fees, Solana’s price is still up a whopping 693.46% since August 2023. However, SOL is down 13.96% in the past month. On the flip side, TRX is up 22.27% this month and has risen 116.53% since August 2023.
The total value locked (TVL) of some of the leading platforms on the Solana blockchain has also been trending downwards. As per the data from DefiLlama, the TVL of Raydium dropped nearly 20% over the past 30 days while BonkSwap witnessed a drop of more than 23% in the same period.
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