Solana network transaction fees hit a 6-month low, with activity down 85% from the TRUMP launch period
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Solana network transaction fees hit a 6-month low, with activity down 85% from the TRUMP launch period
According to The Block, last week Solana's network generated only 53,800 SOL in total transaction fees, marking the lowest weekly figure since September 2024. Data shows that last week’s total transaction fees dropped by 10% compared to the previous week, an improvement from the average weekly decline of 25% seen over the past six weeks. Notably, Solana's weekly transaction fees have fallen 85% from their all-time high of 361,000 SOL during the fourth week of January, when meme coins $TRUMP and $MELANIA were launched. Since the launch of $TRUMP, Jito validator tips have also declined significantly, averaging just $11,300 per day last week, down from $62,000 per day during the week $TRUMP was released. Likewise, the 7-day moving average of active addresses on the Solana network has dropped 35% during this period. This deterioration in fundamental metrics has impacted the price of the SOL token, which has fallen approximately 50% since January 20.
Navigating Web3 tides with focused insightsTechFlow news, according to The Block, last week the total transaction fees generated by the Solana network amounted to only 53,800 SOL, marking the lowest weekly figure since September 2024.
Data shows that last week's total transaction fees dropped 10% compared to the previous week, an improvement from the average weekly decline of 25% seen over the past six weeks. Notably, Solana's weekly transaction fees have fallen 85% from their all-time high of 361,000 SOL recorded during the fourth week of January, when the $TRUMP and $MELANIA meme coins were launched.
Since the launch of $TRUMP, Jito validator tips have also sharply declined, averaging just $11,300 per day last week, down from $62,000 per day during the week of $TRUMP’s release. Likewise, the 7-day moving average of active addresses on the Solana network has dropped by 35% during this period. This deterioration in fundamental metrics has impacted the price of the SOL token, which has fallen approximately 50% since January 20.
Pump.fun, a primary revenue and token generation platform on Solana, has also experienced a similar downturn. Last week, only an average of 0.89% of tokens created on Pump.fun "graduated" to Raydium daily, compared to 1.6% during the third week of January. Given that hundreds of thousands of tokens are created daily on Pump.fun, this 0.71 percentage point decline is relatively significant.
