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.
…
The post Solana Daily Transaction Fees Hit Multi-Month Low as Meme coin Hype Fades appeared first on Coin Edition.
