Solana’s memecoin craze has sent on-chain transaction volumes and fees to new highs.
The popularity of memecoin trading and speculation on Solana pushed on-chain trading volume in US dollars to an all-time high on Friday.
According to data from Defillama, Ethereum’s biggest competitor ended the week with trading volume exceeding $3.79 billion. The blockchain’s previous all-time high trading volume was $2.85 billion, a figure set earlier this month. Saturday was close to Friday’s all-time high. Yesterday, DefiLlama recorded trading volume of $3.44 billion. The current 24-hour trading volume is $3.61 billion.
In other indicators, the 7-day moving average of active addresses on the Solana network continues to rise. According to data from The Block, 1.2 million active addresses were recorded yesterday, the highest since about June 2022.
At the same time, the 7-day moving average for the number of new addresses on the Solana network continues to surge parabolically, reaching an all-time high. About 870,000 new addresses were recorded yesterday, according to data from The Block.
Solana’s total commissions also reached an all-time high. According to data from The Block, total trading fees paid on Solana yesterday amounted to $3.83 million, or 20,350 SOL, most of which were non-voting priority fees.
Leading Memecoin and pre-sale activities at Solana
Activity on Solana is a constant memecoin rush. The latest token is Book of Meme, or BOME, which is attracting attention for its surprisingly high return on investment, and has been listed on Binance, showing an increase of approximately 1500% since its creation. Just a few days ago.
Meanwhile, reservation sales have recently increased explosively. The artist, known by the pseudonym Kero, began pre-sales by posting a wallet address that quickly accumulated funds. In the end, the total amounted to nearly 55,000 SOL ($10.66 million in today’s prices). Kero later publicly admitted that they had no idea what they were creating when they first polled their audience on Twitter.
Pre-sales of various memecoins based on Solana have been triggered. Some have been accused of simple fraud, others of fraud. Confirmed Scam.
Dog-themed Solana-based memecoins Dogwifhat and BONK also continue to see significant volume, with many new memecoins continuing to be created in real time.
Due to the ongoing memecoin craze on blockchains, Solana-based decentralized exchange aggregator Jupiter has recorded more trading volume than Uniswap V3’s Ethereum DEX in the last 24 hours, according to data from CoinGecko.
Solana’s market capitalization hit an all-time high on March 15. SOL is currently trading around $193 based on price data from The Block.
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