Solana Surpasses Ethereum In Weekly Transaction Fees
Recent data by Blockworks showed that during the week of July 22nd, Solana outpaced Ethereum in total weekly transaction fees for the first time, with Solana reaching about $25 million and Ethereum $21 million.
Solana also hit daily transaction fees of approximately $5.5 million, its highest in three months, including MEV tips. Dan Smith of Blockworks reported that 58% of this value came from MEV tips and 37% from priority transaction fees, mostly driven by spot DEX trading.
Making History
On May 12th, Solana surpassed Ethereum in total economic value (TEV) for a single day, accumulating over $2.2 million. Ethereum still leads in total value locked (TVL) with over $58 billion. DefiLlama notes that the TVL for Solana has increased by 25.68% over the past month, while that of Ethereum has decreased by 1.77%.
Solana has overtaken BNB as the 4th largest cryptocurrency by market capitalization. This follows a surge in the overall value of Solana due to its faster transaction speeds and lower fees. Moreover, the price of SOL has been rising, increasing by nearly 32% in the past month. This has pushed its market cap above $86.73 billion.
Solana Meme Coins Continue To Fall
The positive outlook for SOL is supported by potential spot ETF approvals, attracting institutional interest. Analysts are predicting further price increases, with the next resistance level to watch being $192.
Meanwhile, Solana meme coins face a decline, as various celebrity meme coins on Solana have dropped in value despite initial hype. Notable examples launched in June, such as $DADDY (inspired by Andrew Tate) and $JENNER (inspired by Caitlyn Jenner), saw over 70% depreciation. Most projects lost over 90% of their value, leading to significant investor losses.
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