Solana Sees Sharp Drop in Transaction Fees as Meme Coin Hype Fades

Solana's transaction fee volume has fallen to its lowest level since 2023 as the hype around the meme coins wanes.

According to Dune Analytics, on Sept. 12, Solana users spent just $146,411 on transaction fees, the lowest point since Dec. 10, 2023. On September 7, the average transaction fee dropped to $0.0053, reaching a six-month low. By comparison, Solana’s daily fees peaked at $5.08 million on March 18, with average fees exceeding $0.06.

The decline in Solana’s fee revenue was largely due to declining activity in the meme token sector, particularly in the PumpFun startup platform. New token launches on PumpFun fell to 4,580 on Sept. 8, down 77.6 percent from the 20,465 tokens launched a month earlier.

Similarly, PumpFun-related trading on the decentralized exchanges (DEX) fell to $123.1 million on Sept. 7, down 81.7 percent from a peak of $674.1 million in June. Active users also fell to 35,212, the lowest since May.

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DeFiLlama reported that PumpFun’s daily revenue dropped to $425,000, a staggering 92% drop from its peak of $5.33 million just a month earlier. This drop in DEX activity contributed significantly to Solana’s revenue decline, with the network’s DEXs processing just $535.1 million on August 31, the lowest in six months.