Solana daily transaction fees fall to lowest level in months as memecoin hype cools

According to The Block's data dashboard, Solana's daily transaction fees fell to $639,000 on Monday, down 65% from this month's peak of $1.83 million on August 8 and 87% from its all-time high of $5.08 million on March 18. Ruslan Lienkha, head of markets at YouHodler, said the drop in daily transaction fees indicates a decrease in activity on the Solana network, with memecoin transactions being the most affected. "I think the lower transaction fees are related to the cooling of hype around memecoin."