Thanks to the memecoin community, the blockchain Solana outranked Ethereum with daily transaction fees reaching $4.5 Million and the popular altcoin SOL, too, has surged to $173. The news heralds a good time for Solana, in the times ahead it seems!
According to data from DefiLlama, daily revenue from transaction fees for Solana surpassed Ethereum’s daily fee generation. At the time of writing, Solana has $4.55 Million as total fees, whereas, Ethereum has made $4.26 Million in fees.
The surge in transactions has also led to its native token, SOL rallying at a trading price of $173.65 after a jump of almost 5%. Solana has seen an increased activity within its ecosystem – an indicator of which is its active wallet addresses 5.34 Million. Not just this, but other performance metrics for Solana also exhibit positive times ahead for the token, with its month growth rate of 18% which surpasses that of Bitcoin at +5.9% and Ethereum at -3.4%.
The sudden yet continued hike in Solana’s transaction fees collection came in the starting of this week, with memecoin, Goatseus Maximus (GOAT) token fetching most of transactions, and witnessing a market capital to a peak of $358 million in just five days of its launch on 13 October. Traders who got their hands on this memecoin early on, made some of the biggest profits, leaving everyone to wonder if it’s the latest G.O.A.T. token. On Tuesday, one of the major investors in the GOAT token liquidated a major portion of their holdings, realizing a $3.2 million profit.
Also Read: Traders Shift to RCO Finance for 5000% Gains as Solana Stalls
