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Solana has achieved a new milestone, registering an all-time high in daily transaction-related fees, driven by increased activity in the AI-related memecoin market.

Solana, a leading blockchain network, has recently made headlines by reaching an all-time high in daily transaction-related fees. On October 24, 2024, Solana’s transaction-related fees surpassed $11 million, according to data from Blockworks Research.

This metric, referred to as "real economic value" (REV), includes both transaction fees and MEV tips for validators.

The surge in fees is largely attributed to the growing interest in AI-related memecoins, which have been driving significant activity on the Solana network.

The AI agent, Truth Terminal, recently introduced a new memecoin called Goatseus Maximus (GOAT), which has quickly gained traction in the market. With a market cap of $650 million, GOAT has become a major player, contributing to the surge in Solana’s daily trading volumes.

Over the past 13 days, Solana has consistently dominated daily trading volumes in the decentralized finance (DeFi) ecosystem. On October 24 alone, Solana’s decentralized exchanges recorded over $2.6 billion in trading volume, underscoring the network’s increasing prominence.

Additionally, Pump.fun, a memecoin-focused launchpad on Solana, reached an all-time high of 36,339 deployed tokens on the same day. This represents over 84% of all new tokens issued on Solana, highlighting the platform's growing activity and user engagement.

The rise in transaction-related fees and trading volumes showcases Solana’s expanding influence in the crypto market. As developers and users continue to flock to the network, Solana is positioning itself as a formidable contender to Ethereum’s dominance in the DeFi space.

With its high transaction throughput and lower fees, Solana is becoming an attractive platform for both developers and investors.

As Solana continues to break records and attract more users, it will be interesting to observe how the network evolves and sustains its growth.

The recent success driven by AI and memecoin trading indicates a promising future for Solana. However, maintaining this momentum will require continuous innovation and adaptation to meet the demands of the growing user base.

For investors and developers, staying informed about Solana’s developments and understanding the dynamics of its ecosystem will be crucial. As the competition in the blockchain space intensifies, platforms like Solana will need to keep pushing the boundaries to stay ahead.

The post Solana Hits Record High in Daily Transaction Fees Amid AI Memecoin Surge appeared first on Cryptos Newss.