What to know:
- Donald Trump’s official token (TRUMP) being issued on the Solana blockchain on Saturday led to an uptick in trading volumes.
- Over $35 million in fees were generated with at least $14 million in revenue.
As an analyst, I’m observing a significant milestone in the world of blockchain: the largest daily fees ever recorded were generated by the most widely used platform. Over the weekend, transactions involving TRUMP, the official token associated with Donald Trump, were processed on the Solana blockchain, which in turn resulted in increased trading volumes.
On both Saturday and Sunday, the network earned more than $35 million in fees and at least $14 million in regular income, according to data from DeFiLlama. Approximately 6 million active accounts contributed to this significant volume.
The current fees have significantly surpassed the approximately $14 million mark from November 22nd, a time when numerous AI Agent tokens flooded the network, causing a whirlwind of trading activity.
On this particular low-priced blockchain, it’s quite surprising that fees are so steep, given that transactions usually cost just pennies to finalize. Over the weekend alone, the TRUMP token recorded trading volumes exceeding $3 billion, with other related ventures like Jupiter’s JUP experiencing increased attention from traders.
The selection of Solana as a token issuance platform significantly increased interest and positive feelings towards SOL tokens, according to CoinDesk reports. As a result, trading volumes for SOL have soared from $3 billion on Thursday to more than $26 billion within the past 24 hours. This surge in activity has boosted weekly gains to over 46%.
As a crypto investor, I’ve witnessed a remarkable 3,000% increase in the value of SOL since it dipped to $9 in December 2022 – a period marked by the collapse of FTX and the impact on Solana from Sam Bankman-Fried, one of its major supporters. However, those challenging times seem far behind now as the network continues to thrive.
On Sunday evening, Melania Trump unveiled her own meme-based cryptocurrency, triggering a 50% drop for the TRUMP token at its peak. The surge in activity and demand temporarily slowed down applications like Jito and Phantom during Asian morning hours, but these issues were swiftly resolved.
In a recent blog post, Phantom stated that it handled approximately 8 million transactional requests every minute. The platform facilitated a total swap volume of around $1.25 billion, and over the course of 24 hours, it processed more than 10 million transactions.
Read More
- INJ PREDICTION. INJ cryptocurrency
- SPELL PREDICTION. SPELL cryptocurrency
- How To Travel Between Maps In Kingdom Come: Deliverance 2
- LDO PREDICTION. LDO cryptocurrency
- The Hilarious Truth Behind FIFA’s ‘Fake’ Pack Luck: Zwe’s Epic Journey
- How to Craft Reforged Radzig Kobyla’s Sword in Kingdom Come: Deliverance 2
- How to find the Medicine Book and cure Thomas in Kingdom Come: Deliverance 2
- Destiny 2: Countdown to Episode Heresy’s End & Community Reactions
- Deep Rock Galactic: Painful Missions That Will Test Your Skills
- When will Sonic the Hedgehog 3 be on Paramount Plus?
2025-01-20 11:26