This 'Ethereum Killer' Just Set A New Record: The Reason? Meme Coins, Of Course

Solana's SOL/USD network on Oct. 24 reached a record high in real economic value, totaling $11,089,500 from transaction fees and Maximal Extractable Value (MEV) tips.

What Happened: This milestone comes as Solana gains traction against Ethereum ETH/USD, surpassing it in transaction fees and MEV tips since Oc. 19, a notable shift that highlights the network’s growth in both user engagement and transaction volume, according to Blockworks Research.

Much of this increase is attributed to the popularity of meme coins on Solana, which has driven significant trading activity on the platform.

Data from Whale Hunter reveals that the Solana Telegram Bot alone saw $211 million in trading volume on Oct. 24, with the meme coin “Trojan” leading at $93.7 million.

Also Read: Gary Gensler Says ‘Too Many People Have Lost Money And Lined Up In Bankruptcy Court,’ Highlights Need For Crypto Regulation

This record-breaking transaction activity highlights Solana's competitive edge in terms of scalability and low fees and also suggests a growing appetite for decentralized finance (DeFi) on its blockchain.

Experts have noted that Solana's ability to handle high transaction volumes with relatively low fees has attracted a diverse range of users, particularly in the burgeoning DeFi and meme coin spaces.

As Solana's network efficiency continues to attract decentralized applications, its economic model is increasingly appealing to investors and developers, enhancing its standing against established competitors like Ethereum.

The implications of Solana's growth in transaction fees and economic value will be explored further at Benzinga's Future of Digital Assets event on Nov. 19.

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