PANews reported on August 27 that according to The Block, the total daily transaction fees paid on the Solana blockchain measured in US dollars have fallen to the lowest level since early May 2024. Data showed that on Monday, Solana's daily transaction fees fell to US$639,000, a 65% drop from the peak of US$1.83 million reached on the 8th of this month, and an 87% drop from the historical high of US$5.08 million set on March 18.
Ruslan Lienkha, YouHodler's head of marketing, said the drop in daily transaction fees indicates a decrease in activity on the Solana network, with Meme coin transactions being the most affected. "I think the lower transaction fees are related to the cooling of the Meme coin craze," Lienkha said. Lienkha said Solana has gained recognition as a key chain for the Meme project, and the current drop in user activity may indicate the final stage of the Meme coin hype in the current crypto market. He added: "This is similar to what we observed with NFT transactions in the last crypto cycle, and Solana's usage is decreasing as the Meme coin bubble subsides."
