33M Dollars SOL Tokens Gathered by Unnamed Presale Address within an Hour

Crypto News– The Solana blockchain’s growing investor interest is fueling speculation about its potential as an “Ethereum killer.” On March 17, Ethereum recorded approximately $14 million in fees, whereas Solana generated around $4 million. However, this gap is rapidly closing. Just a month ago, there was a significant difference of $7 million between Ethereum and Solana, but as of March 18, the gap has shrunk to just $300,000, according to a post on X by “Mert | helius.dev,” the CEO of Helius.

33M Dollars SOL Tokens Gathered by Unnamed Presale Address within an Hour

Mert stated, “Granted everyone is overpaying for Solana fees atm — but I could see a path where Solana fee revenue actually flips Ethereum due to the sheer volume combined with high-value state hotspots (memecoins lol).” Solana’s surge in attention is largely attributed to the ongoing memecoin frenzy. In the three days leading up to March 18, presales for Solana-based memecoins collectively raised over $100 million worth of SOL.

Solana-based memecoins have adopted a controversial presale model to raise funds for unreleased coins, with projects such as Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), among others, gaining traction.

Could Solana Outpace Ethereum in Transaction Fees?

The surge in investor interest in the Solana blockchain has reignited discussions about its potential as an “Ethereum killer.” On March 17, Ethereum raked in approximately $14 million in fees, whereas Solana generated around $4 million. This disparity in revenue is narrowing, with Ethereum recording a fee difference of $7 million compared to just $300,000 for Solana a month ago, as reported in a March 18 post on X by “Mert | helius.dev,” the CEO of Helius.

Mert commented, “Granted everyone is overpaying for Solana fees atm — but I could see a path where Solana fee revenue actually flips Ethereum due to the sheer volume combined with high-value state hotspots (memecoins lol).”

The current frenzy surrounding memecoins has significantly contributed to Solana’s heightened attention. Over the three days leading up to March 18, presales for Solana-based memecoins collectively raised over $100 million worth of SOL.

This surge in interest and the potential for Solana to rival Ethereum in fee revenue underscores the blockchain’s growing prominence and its capacity to challenge established players in the cryptocurrency space.