- Solana reported its highest weekly fee ever.
- SOL’s stock value surpassed $200 this past week due to the network traffic.
You can also find out more about the following: memecoin The mania for retail trading continued to attract hordes to Solana [SOL]This has led to a significant increase in the number of transactions and, in turn, in fee revenues.
Solana earns more money with Memecoins
The smart contract network has collected fees of $20.14 millions in the past week. This is the second highest amount behind Ethereum [ETH]AMBCrypto analysed Token Terminal Data.
It was also the highest weekly fee ever for Solana, with a market share of 10.75%.
AMBCrypto analyzed the data in more detail and found that Solana’s market share increased steadily from 9% up to over 11% during the entire week.
A chain analyst David Alexander II This is called a “significant shift in network fee capture”Consider that Solana’s daily fees have historically been less than 1 %.
A turnaround was triggered by the aforementioned. barrage The network was being tested by the launch of new memecoins. Retail traders who are known to be fond of such tokens flocked in droves to Solana, in search of them. Slerf [SLERF], BOOK OF MEME [BOME]And many others.
On the 17th March, the daily active user count reached its highest level ever.
Solana DEXs clock highest weekly volumes
This memecoin frenzy sparked a surge in activity at the Solana decentralized exchange (DEX). AMBCrypto’s analyses of DeFiLlamaThe Solana DEXes have surpassed Ethereum’s total volume over the past week.
In addition, the buzz helped attract liquidity to the network, as the Total Value Locked (TVL), for the first since January 20, 2021, surpassed the $8 billion mark.
What is the cost? 1,10,100 SOLs worth today?
SOL generates revenue from its network activities
SOL, the native token of SOL, benefited from network traffic. This week, the fifth largest asset surpassed $200 for first time since Dec 2021. CoinMarketCap. SOL’s price fell to $174 by the time of press due to profit taking.
Solana is burning 50% of the revenue it collects, so the more fees that are collected, the more deflationary pressure SOL will face.
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Source: ambcrypto.com