Solana’s daily fees hit record high of $33 million as Trump family memecoins boost network volume
2025-01-20
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Solana’s daily transaction fees reached a record high amid a large volume of trading activity surrounding memecoins, notably those linked to U.S. President-Elect Donald Trump. According to The Block's data dashboard, Solana’s network fees soared on Sunday, reaching a peak of $33.2 million in total fees. This was spurred by a high demand from users engaging in on-chain transactions.
This fee spike followed the introduction of high-profile memecoins TRUMP and MELANIA on Solana, which boosted the network's on-chain activity. Since the launch of these tokens, the daily on-chain volume on Solana-based decentralized exchanges has consistently remained over $27 billion, according to DeFiLlama — the highest volume across all Layer 1 chains.
On Saturday, Donald Trump introduced a new memecoin named Official Trump (TRUMP) on the Solana blockchain. Soon after launch, the memecoin’s market capitalization jumped to over $14 billion and its fully diluted value hit $70 billion — positioning it among the top 20 cryptocurrencies by market cap.
The next day, a second memecoin named Melania Meme (MELANIA) was launched by Melania Trump — the soon-to-be-again First Lady. This memecoin trades at a $1.6 billion market cap.
The rollout of these high-profile memecoins has had a broader impact on the Solana ecosystem, with increased trading volumes and a noticeable shift from other networks. The price of Solana’s native token has increased more than 50% in the past week and is now trading at a record-high level above $260.
The cryptocurrency market has also experienced considerable volatility over the past 24 hours. Early Monday morning, Bitcoin’s price surged to a high of $109,111 before retreating to around $108,000 at the time of writing.
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