- Solana’s daily fees hit $33.2M, driven by memecoin trading activity.
- TRUMP’s $14B market cap fuels Solana’s $27B+ daily DEX volumes.
- Solana’s token climbs 50% in a week, trading above $260.
Solana is riding a wave of unprecedented activity, with its network fees hitting an all-time high. On Sunday, total fees reached $33.2 million, driven by intense trading activity surrounding meme coins linked to U.S. President-Elect Donald Trump. This milestone highlights SOL’s growing prominence in the crypto space, particularly as a hub for meme coin enthusiasts.
The surge began when Trump unveiled a new meme coin, Official Trump (TRUMP), on the SOL blockchain. The token quickly captured attention, boasting a market capitalization exceeding $14 billion and a fully diluted valuation of $70 billion. Within 24 hours, it ranked among the top 20 cryptocurrencies by market cap.
Adding to the frenzy, Melania Trump launched her own meme coin, Melania Meme (MELANIA), which currently trades at a market cap of $1.6 billion. The rollout of these tokens has drawn significant liquidity to SOL-based decentralized exchanges (DEXs), with daily on-chain volumes surpassing $27 billion—the highest among all Layer 1 networks, per DeFiLlama.
Solana’s Broader Market Impacts
This surge in activity has not gone unnoticed. Solana’s native token (SOL) has rallied over 50% in the past week, breaking through the $260 mark for the first time. The spike underscores how SOL has become the epicenter of the latest crypto craze, luring users from other networks.
Meanwhile, the broader cryptocurrency market has also seen turbulence. Early Monday, Bitcoin reached $109,111 before sliding back to $108,000. The activity highlights the unpredictable nature of the crypto space, as trends like meme coins influence not just specific networks but the market at large.
Solana’s transaction fees soared to a record $33.2 million on Sunday, reflecting heightened activity. The newly launched TRUMP token achieved a $14 billion market cap with a $70 billion fully diluted valuation, while the MELANIA memecoin reached $1.6 billion in market cap. SOL’s native token, SOL, surged 50% this week, climbing above $260. Daily on-chain volumes on SOL-based decentralized exchanges exceeded $27 billion, the highest among all Layer 1 networks. Meanwhile, Bitcoin experienced volatility, peaking at $109,111 before settling around $108,000.
The Trump-themed meme coin phenomenon is redefining Solana’s narrative. With record fees, surging token prices, and massive trading volumes, Solana has cemented itself as a focal point of crypto innovation. As the market grapples with its impact, Solana’s role in the ecosystem will undoubtedly grow.