TechFlow News, on August 26, according to The Block, as of August 26, 2024, daily transaction fees on the Solana blockchain have dropped to $639,000, hitting a new low since early May 2024. This marks a 65% decline from the peak of $1.83 million on August 8 and an 87% plunge compared to the all-time high of $5.08 million on March 18.
Ruslan Lienkha, Chief Marketing Officer at YouHodler, said the decline in transaction fees is primarily due to cooling interest in meme coin trading. Data from Coingecko shows that the top five meme coins on the Solana network have all experienced double-digit percentage declines over the past month. Meanwhile, total value locked (TVL) on some Solana-based decentralized exchanges has also seen a notable drop.
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