Solana's daily transaction fee drops to a several-month low as the Meme coin craze cools down

According to The Block, the total daily transaction fees on the Solana blockchain, measured in US dollars, have dropped to their lowest level since early May 2024. Data shows that on Monday, Solana's daily transaction fees fell to $639,000, a 65% decrease compared to the peak of $1.83 million reached on the 8th of this month and an even more significant drop of 87% compared to the historical high of $5.08 million set on March 18.

Ruslan Lienkha, market Director at YouHodler stated that the decline in daily transaction fees indicates a reduction in activity on the Solana network with Meme coin transactions being most affected. "I believe lower transaction costs are related to cooling off from Meme coin fever," said Lienkha. He noted that while Solana has been recognized as a key chain for Meme projects, current user activity declines may indicate we're seeing final stages of Meme coin speculation within today's crypto market. He added: "This is similar to what we observed with NFT trading during our last crypto cycle; as meme coin bubble deflates so does usage rate for Solana."