The memecoin frenzy has pushed charges generated from $361,000 to $3.2 million in lower than three months.
Merchants on Solana are witnessing a wild surge in charges because the memecoin frenzy carries on.
Day by day transaction charges have soared from $361,000 on Dec. 31 to an all-time excessive of $4.95 million on March 17, in response to DefiLlama. Transaction prices dropped to $3.29 million as we speak, nonetheless, which nonetheless represents a close to 10X from lower than three months in the past.
The Layer 1 community’s income has additionally skyrocketed, hovering from $180,000 on the final day of 2023 to a peak of $2.47 million on March 17. Immediately, the community raked in $1.64 million, a slight drop from yesterday.
Driving the memecoin frenzy, decentralized exchanges within the Solana ecosystem are additionally having fun with a ton of utilization.
In accordance with DefiLlama, month-to-month DEX quantity throughout the first twenty days of March outpaced the earlier all-time excessive of $28 billion in December 2023. This month, $42 billion of buying and selling quantity has been recorded, a whopping 33% soar in a month with eleven days nonetheless to go.
In the meantime, each day buying and selling quantity additionally topped its earlier most, hovering to $2.8 billion on March 4.
Coingecko studies that Jupiter is second for 24-hour quantity amongst all DEXs, with $1.2 billion traded, trailing Ethereum’s Uniswap, a platform that, with $2.1 billion, accounts for 18% of all quantity. Additional down the road, however nonetheless inside the prime 10, are Orca with $876 million and Raydium with $665 million in the identical timeframe.
Memecoin merchants are flocking to Solana, excessive on the availability of DogWifHat, BOME, and the unbelievable Slerf burn, translating into excessive charges, substantial revenues, and a Solana market cap that surged previous its all-time excessive final week and now sits at $81 billion.
