SOL Meme Coin Mania: The Impact of Meme Coins on Layer 1 Chains
Due to a huge level of trading activity with meme coins, particularly ones associated with U.S. President-Elect Donald Trump, Solana’s daily transaction fees hit a record high. Solana’s network costs skyrocketed on Sunday, peaking at $33.2 million in total fees, according to The Block’s data dashboard. The strong demand from users doing on-chain transactions served as the catalyst for this.
Following the launch of well-known meme coins TRUMP and MELANIA on Solana, which increased the network’s on-chain activity, there was a fee increase. Since the launch of these tokens, the daily on-chain volume on Solana-based decentralized exchanges has consistently remained around $27 billion, making it the largest volume among all Layer 1 chains, according to DeFiLlama.
TRUMP and MELANIA Memecoins Shake Crypto Market, Boost Solana Ecosystem
Official Trump (TRUMP), a new memecoin on the Solana blockchain, was unveiled by Donald Trump on Saturday. The memecoin was ranked among the top 20 cryptocurrencies by market capitalization shortly after its introduction, with its market capitalization rising to over $14 billion and its fully diluted value reaching $70 billion. Melania Trump, the soon-to-be First Lady once more, introduced a second memecoin the following day called Official Melania Meme (MELANIA). This memecoin has a market value of $1.6 billion.
With higher trading volumes and a noticeable shift from other networks, the introduction of these well-known meme coins has had a wider effect on the Solana ecosystem. Solana’s native coin is currently trading at a record-high price of over $254, having risen more than 45% in the last week.
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