The world’s most widely used blockchain has just recorded its highest daily fees ever. On Saturday, Donald Trump’s official token, TRUMP, was issued on the Solana blockchain, leading to a slight increase in trading volumes over the weekend.
Between Saturday and Sunday, the network generated fees of more than $35 million and revenue of at least $14 million, according to data from DeFiLlama. This volume came from some 6 million active addresses.
These fees are more than double the levels on November 22, almost $14 million, when several AI Agent tokens populated the network and caused a trading frenzy.
These fees are remarkably high for a low-cost blockchain, when transactions typically take fractions of a cent to settle. The TRUMP token attracted more than $3 billion in trading volumes on Saturday and Sunday, while other plays in the ecosystem, such as Jupiter’s JUP, saw increased interest from traders.
The choice of Solana as the issuance network has, in turn, increased demand and sentiment for SOL tokens, as CoinDesk reports. SOL trading volumes rose from $3 billion on Thursday to more than $26 billion in the past 24 hours, with Saturday’s moves pushing weekly gains to more than 46%.
SOL surged nearly 3,000% from its three-year low of $9 in December 2022, when the implosion of crypto exchange FTX and prominent Solana backer Sam Bankman-Fried, shook the sentiment towards the network.
Late Sunday, First Lady Melania Trump launched her own memecoin, which caused TRUMP to fall by 50% at one point. High volumes and network demands briefly caused delays in the Jito and Phantom ecosystem applications in the Asian morning, although these were quickly corrected.
Phantom reported 8 million transactional requests per minute in a publication
