The ongoing market correction, in which top cryptocurrencies including Bitcoin, Ethereum, Binance Coin, and others are still struggling, amidst Solana’s and its related meme coins’ performance, has captured everyone’s attention. According to data from an on-chain analytics firm, Token Terminal, Solana’s fee capture reached a record high of over $17.8 million in the last 7 days.
Solana’s fee capture reaches peak
The data from Token Terminal also highlights that this record-high Solana fee has outperformed Bitcoin, which only captured $17.5 million during the same period. However, over the last three days, with this record captured in the last 7 days, Solana has consistently shattered records, daily capturing a staggering $3 million in fees.
This massive surge in fee capture highlights Solana’s continuous scalability and efficiency. Besides all this, Solana is also positioning itself as a powerful and top player in this rapidly evolving cryptocurrency landscape. However, the major reason behind this record surge in fee capture is caused by the recent performance of Solana and its related meme coins, which are continuously gathering everyone’s attention.
Additionally, as meme coin trading continues to grow on Solana’s blockchain, it now appears that Solana is becoming the go-to platform for Memecoin trading, showcasing its adaptability and resilience in the crypto market.
Solana and its related meme coins performance
With all these, Solana’s SOL experienced a massive price surge in the past week despite market correction. However, today on March 19, 2024, Solana’s SOL is trading near $188, and in the last 24 hours, it experienced a price drop of over 8%. If we look at the performance of SOL over a longer period, in the last 7 days, SOL experienced a price surge of 22%, and in the last 30 days, it experienced a price surge of over 71%.
Besides Solana’s performance in the past few weeks, Solana-based meme coins like dogwifhat (WIF) and the recently launched Book of Meme (BOME) have captured traders’ and investors’ attention. Mainly, these tokens may create huge trading volume, as a result, we have seen the record fee capture on Solana.
If we look at the performance of these meme coins over a longer period, in the last 30 days, WIF and BOME tokens experienced a massive price surge of over 475% and over 900%, respectively. However, as the overall cryptocurrency market continues to struggle, these tokens experienced a price fall of over 23% and nearly 50% in the last 24 hours. Despite the price fall of these tokens, the 24-hour trading volume of these tokens rose by 12.5% and 12.4%, respectively.
