Solana Network Sees Highest-Ever Daily Fees Following Donald Trump’s Official Token Issuance
The Solana blockchain, used by Donald Trump’s official token, TRUMP, has reportedly generated fees of over $35 million and revenue of at least $14 million between Saturday and Sunday, as per DeFiLlama data.
Fees and Trading Volumes Skyrocket
The fees recorded by Solana are more than double the previous high of $14 million seen on November 22, when several AI Agent tokens populated the network, leading to a trading frenzy.
In addition, TRUMP token trading volumes have skyrocketed, reaching over $3 billion on Saturday and Sunday. Other ecosystem plays, such as Jupiter’s JUP, saw heightened interest from traders, which further boosted Solana’s transaction volumes.
SOL Token Sees Surging Demand and Sentiment
The issuance of TRUMP on Solana led to an uptick in demand and sentiment for SOL tokens, as reported by CoinDesk. SOL trading volumes have skyrocketed from $3 billion to over $26 billion in the past 24 hours, with Saturday’s moves bringing weekly gains to over 46%.
Solana’s Transactions and Fees Increase
As a low-cost blockchain, Solana typically sees transactions that settle for fractions of a cent. However, the issuance of TRUMP led to an extraordinary surge in demand, causing Solana’s transactions and fees to increase significantly.
Phantom, a wallet provider, reported 8 million transactional requests per minute on Sunday, resulting in over $1.25 billion in traded volume and 10 million transactions over a 24-hour period.
Melania Trump’s Memecoin Launch Leads to TRUMP Token’s Correction
In a surprise move, First Lady Melania Trump launched her own memecoin late Sunday, sending TRUMP spiraling down 50% at one point.
The high volumes and network requests briefly caused ecosystem applications Jito and Phantom to encounter delays in Asian morning hours, although these were quickly rectified.
Conclusion
The recent surge in TRUMP token trading volumes and fees on the Solana blockchain underscores the network’s growing popularity and potential for large-scale transactions.
FAQs
Q: What caused the surge in TRUMP token trading volumes on Solana?
A: The issuance of Donald Trump’s official token, TRUMP, led to an uptick in trading volumes, driven by interest from traders and ecosystem plays.
Q: How did the launch of Melania Trump’s memecoin affect TRUMP token trading volumes?
A: The launch of Melania Trump’s memecoin led to a correction in TRUMP token trading volumes, resulting in a 50% price drop at one point.
Q: What did Phantom report about Solana transactions and fees during the TRUMP token surge?
A: Phantom reported 8 million transactional requests per minute, resulting in over $1.25 billion in traded volume and 10 million transactions over a 24-hour period.
