- Solana has topped Ethereum in total weekly transaction fees for the first time.
- Solana recorded $25 million, while Ethereum recorded $21 million.
- The memecoin network hit a three-month high yesterday, with $5.5 million in transaction fees.
Blockworks data indicated that on July 22nd, Solana overtook Ethereum in total weekly transaction fees for the first time in history. Solana’s transaction fees totaled around $25 million, while Ethereum’s were about $21 million.
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Solana achieved daily transaction fees nearing $5.5 million, marking the highest figure the blockchain has seen in the past three months. This data encompasses all Solana validators and includes the maximum extractable value (MEV) tips, providing a comprehensive view of the network’s financial activity.
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Dan Smith, a Senior Research Analyst at Blockworks, reported that 58% of the total value was derived from MEV tips, with priority transaction fees contributing 37%. He noted that a significant portion of this activity was driven by spot decentralized exchange (DEX) trading, highlighting the growing interest in this area.
On May 12, the memecoin network made headlines by surpassing Ethereum in total economic value (TEV) for the first time within a single day. TEV, which combines total transaction fees and MEV, saw Solana amass over $2.2 million, while Ethereum’s total was slightly above $1.97 million, showcasing Solana’s rising prominence in the blockchain space.
Ethereum still leads in total value locked (TVL), with nearly $58 billion to Solana’s $5.5 billion. According to DefiLlama data, Solana’s current TVL has increased by 25.68% over the last month. However, Ethereum’s value has dropped by 1.77% in the last month.
Solana surpasses BNB as the fourth biggest currency
The value of SOL has been consistently rising in recent weeks, surpassing the $185 mark. Currently, the cryptocurrency is being traded at $186.72, showing a daily increase of more than 1.0%. Over the last 7 days, SOL has seen a 2.1% increase, and over the past month, it has surged by nearly 32%.
The market capitalization of SOL was significantly impacted by its price movement, surpassing $86.73 billion. This resulted in SOL overtaking BNB as the fourth-largest cryptocurrency by market cap. BNB, on the other hand, has a market cap slightly above $84.29 billion and is currently trading at $577.93.
The positive outlook for SOL is attributed to the potential approval of a SOL spot ETF, which has garnered attention from institutional investors. Additionally, 99Bitcoins suggested that the approval of an Ether ETF could further strengthen Solana’s performance.
There is speculation among analysts regarding the future price movement of SOL in the coming days. One user on X platform expressed confidence in Solana’s readiness for the next bull run, while another user highlighted SOL’s breakthrough of the $186 resistance level, positioning itself for a bullish trend. The same user also pointed out that the next resistance level to watch for is $192.
Solana memecoins decline in value
Despite the hype surrounding celebrity memecoins on Solana, their value has continued to plummet this year. Celebrities like Caitlyn Jenner, Iggy Azalea, and Davido all launched memecoins in June, but the trend has not been favorable for investors.
Slorg, another user, compiled a table detailing the value fluctuations of 30 memecoins released in June. Notably, memecoins like Andrew Tate’s DADDY, Caitlyn Jenner’s JENNER, Iggy Azalea’s MOTHER, and Alexis Texas’s ALEXIS were among the better-performing ones, yet they still experienced significant depreciation.
The celebrity memecoin crash resulted in losses exceeding 70%, with many projects losing more than 90% of their initial value. Investors faced substantial financial setbacks due to the sharp decline in memecoin prices.
One user specifically mentioned $WATER, a memecoin endorsed by football stars Ronaldinho and Messi, questioning whether it would follow the same fate as the recently crashed memecoins. The uncertainty surrounding the future of memecoins remains a concern for investors in the volatile market.
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