In a remarkable turn of events, Solana (SOL) has achieved record levels in daily transaction fee revenue, marking a significant milestone in its market performance. The launch of the memecoin TRUMP, linked to Donald Trump, on the Solana Blockchain has notably increased trading volumes over the weekend. Reports from DeFiLlama indicate that the Solana network amassed over $35 million in transaction fees, generating at least $14 million in revenue during this period.
How Did TRUMP Coin Impact Solana’s Market?
TRUMP coin created waves in the marketplace with an astounding trading volume exceeding $3 billion in just 48 hours. Simultaneously, the number of active wallet addresses on the Solana network soared to six million. This spike in activity, combined with Solana’s low transaction costs, has translated into impressive revenue streams, as transaction fees that typically hover below $0.10 became significant contributors to this financial success.
What Effects Did Melania Trump’s Coin Have?
The introduction of Melania Trump’s own memecoin on Sunday night triggered a 50% decline in TRUMP coin’s price. Additionally, the surge of transactions led to temporary disruptions across the Solana ecosystem, affecting applications like Jito and Phantom. However, these technical challenges were swiftly addressed, with Phantom reporting 10 million transactions completed within 24 hours, yielding a trading volume of $1.25 billion.
- Solana achieved record transaction fee revenue of over $35 million.
- TRUMP coin’s trading volume reached over $3 billion in two days.
- The active wallet count on Solana surged to six million.
- Melania Trump’s memecoin caused TRUMP coin’s price to drop by 50%.
- Phantom app users executed 10 million transactions, resulting in $1.25 billion in trading volume.
The recent surge in Solana’s activity highlights the incredible potential of low-cost blockchain platforms to generate significant revenues through high transaction volumes. As the ecosystem continues to grow, Solana’s role in the cryptocurrency market is becoming increasingly prominent.
