The Solana blockchain generated record daily fees of over $35 million amid increased trading volumes following the issuance of Donald Trump's official token (TRUMP). This surge in activity occurred over a weekend and marked a significant increase from prior trading levels, surpassing November's $14 million. The TRUMP token alone attracted over $3 billion in trading volumes, energizing other tokens like Jupiter's JUP. Consequently, the SOL token’s trading volume skyrocketed from $3 billion to over $26 billion, reflecting a 46% weekly gain. This positive trend followed a severe downturn in late 2022 due to the FTX collapse, which had brought SOL to a three-year low of $9. Additionally, the launch of a memecoin by Melania Trump caused the TRUMP token to fluctuate significantly, demonstrating the volatility in the meme coin sector that affects the Solana ecosystem. Despite some temporary delays in network applications due to high transaction requests, the overall response from users was robust, with Phantom reporting substantial transaction volumes.

Source 🔗