Solana Soars as TRUMP and MELANIA Meme Coins Drive Record Fees!

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Recently, there’s been a substantial increase in activity on the Layer-1 blockchain Solana, fueled mainly by the growing interest in new meme tokens such as TRUMP and MELANIA.

This increase has caused network fees and earnings to reach record levels, given that the need for transactions on the blockchain is higher than ever before.

Solana Fees and Revenue Rocket to New Highs

In recent times, the growing interest in TRUMP and MELANIA meme coins has sparked a surge in user engagement on the Solana network. This influx of users and traders seeking opportunities within this buzzing market trend has driven up transaction fees, ultimately resulting in an all-time high in revenue for the platform.

Based on DefiLlama’s data, Solana’s total network fees amounted to approximately $36 million on Monday, marking a significant jump of around 176% compared to the previous day’s $13 million. Similarly, the income generated from these fees was roughly $18 million, representing a substantial increase of about 200% over Sunday’s earnings of $6 million.

Despite the increased activity, it brings along its own set of difficulties. With the escalation in trading, a series of sell-offs have influenced Solana’s price. Following a dramatic rise to a record peak on January 19, the coin has experienced a loss of some of its recent achievements.

Currently, Solana (SOL) is being traded at $263.69, marking a 10% decrease from its highest recorded price. Based on data from Coinglass, this descent in value led numerous futures traders to establish short positions against SOL during the early hours of trading in Asia on Monday.

The pessimistic attitude towards this digital coin became clear when its funding rate dropped to -0.09%. A negative funding rate indicates that short position holders must pay long position holders, suggesting a general belief among traders that the coin’s price will decrease, or in other words, they expect it to perform bearishly.

Conversely, there’s been a change in market opinion. The funding rate for SOL has climbed up to 0.0059%, suggesting that futures investors are now considering long-term investments in this altcoin, implying they believe its value will rise.

SOL Price Prediction: Coin Could Reach New Heights if Bullish Sentiment Holds

Should the optimistic viewpoint continue, Solana (SOL) might resume its climbing trajectory and potentially reach its peak price of $295.83 once more. This significant level could then transform into a solid foundation, boosting it towards even higher record-breaking prices.

Should the selling pressure intensify, the price of SOL may further drop towards the level of $239.39.

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2025-01-20 15:30