The world’s most used blockchain has just received its largest daily fees ever. On Saturday, Donald Trump’s official token, TRUMP, was issued on the Solana blockchain, leading to an increase in trading volume over the weekend.
Between Saturday and Sunday, the network generated more than $35 million in fees and at least $14 million in revenue, DeFiLlama data show. This volume originates from around 6 million active addresses.
These fees are more than double the November 22 level of nearly $14 million, when several AI Agent tokens populated the network and led to a trading frenzy.
Such fees are remarkably high for a low-cost blockchain when transactions typically take fractions of a cent to settle. The TRUMP token attracted over $3 billion in trading volume on Saturday and Sunday, while other ecosystem plays such as Jupiter’s JUP saw increased interest from traders.
The selection of Solana as an issuing network, in turn, bumped the demand and sentiment for SOL tokens, as reported by CoinDesk. SOL trading volume has risen from Thursday’s $3 billion to over $26 billion over the past 24 hours, with Saturday’s move bringing weekly gains to over 46%.
SOL is up nearly 3,000% from its three-year low of $9 back in December 2022, when the implosion of crypto exchange FTX and prominent Solana backer Sam Bankman-Fried dampened sentiment for the network.
Late Sunday, First Lady Melania Trump launched her own memecoin in a move that sent TRUMP down 50% at one point. The high volumes and network requests briefly caused ecosystem applications Jito and Phantom to experience delays during Asian morning hours, although these were quickly fixed.
Phantom reported 8 million transaction requests per minute in an X post. It said users exchanged over $1.25 billion in volume and made 10 million transactions over a 24-hour period.
