Solana Hits New Milestone As Memecoin Frenzy Takes New Twist

Solana has recorded a new high of daily fees generated as the launch of TRUMP and MELANIA drove a new frenzy

On Saturday, the Solana blockchain set a new record for its largest-ever daily fees, driven by the new launch of Donald Trump’s official token, TRUMP. The much-anticipated token release created a surge in trading activity, fueling the milestone. 

This caused Solana’s network to earn over $35 million in fees, bringing in at least $14 million in revenue. The rapid growth sparked by TRUMP token trading showed how the blockchain can handle large transactions quickly.

Solana and the Blockchain Sets a Record

According to DeFiLlama data, the Solana blockchain processed over 6 million active addresses between Saturday and Sunday. Its fees surged from the previous record of $14 million set on November 22 to over $35 million. 

For a network known for its low transaction fees, this notable fee increase is unusual and highlights the massive surge in trading caused by the TRUMP token. The scale of trading activity generated by the newly launched token is even more remarkable. 

Over the weekend, TRUMP’s market activity alone brought in over $3 billion in trading volume. Notably, the surge was not just limited to Trump’s token. Other tokens in the Solana ecosystem, such as Jupiter’s JUP, also saw heightened interest. 

This influx of trading activity provided a much-needed boost to the Solana network’s reputation. This further drove the demand and optimism for Solana blockchain’s native token, SOL. In a surprising turn of events, SOL saw its trading volume skyrocket from $3 billion to over $26 billion in just 24 hours. 

This marked a massive 46% gain in just one week. The move showed how far Solana has come in its recovery journey. Just over a year ago, the network’s future seemed uncertain. This was after the collapse of the crypto exchange FTX and the fall of its founder, Sam Bankman-Fried. 

This recent success is a clear sign of Solana’s resilience. Additionally, SOL’s price has surged nearly 3,000% since its three-year low of $9 in December 2022. The TRUMP token’s launch was key in reviving sentiment around Solana. 

It reignited interest from traders looking for high-volume opportunities within a low-fee ecosystem. Meanwhile, as Solana saw a huge increase in transactions, Web3 apps like Jito and Phantom faced delays, especially in Asia. 

Phantom recently completed its Series C funding and experienced brief delays due to processing 8 million requests per minute. In just 24 hours, users exchanged over $1.25 billion and executed 10 million transactions. Although the delays were short, a fast blockchain like Solana can struggle under such massive trading volumes.

Melania Trump’s Memecoin Sparks TRUMP Token Crash

The excitement with TRUMP’s success was short-lived. This came after First Lady Melania Trump unveiled her memecoin, contributing to a volatile trading environment.

Following the release of the new coin, TRUMP token prices crashed by more than 50%. This shows the unpredictable nature of the memecoin space.

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