Daily transaction fees on the Solana blockchain have dropped to their lowest levels in months. Data shows memecoin transaction activity on Solana has dropped significantly, leading to a drop in network activity.
The top five Solana-based memecoins have all seen double-digit declines in value over the past month, causing daily transaction fees to drop to $639,000, a 65% decrease from their peak in early August.
According to Coingecko data, Solana’s memecoin market cap is currently $7.42 billion, down 2.6% in the past 24 hours. The five highest-valued memecoins on the Solana network have fallen between 28% and 34% in the past month.
At the same time, the total value locked (TVL) of decentralized exchanges on Solana also declined, with Raydium and BonkSwap falling by nearly 20% and 23% respectively.
The multi-chain memecoin index has fallen by more than 17% in the past month, and the market is generally in a downturn. Analysis points out that Solana’s memecoin craze may be coming to an end, similar to the decline of the NFT market in the previous crypto cycle.
Nonetheless, Solana’s price has risen 2.9% over the past day and is currently trading at $161.14, but its market cap has fallen by about 14% over the past month.
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