The total daily transaction fees paid on the Solana blockchain have fallen to a level not observed since early May 2024. On Monday, daily transaction fees on Solana dropped to $639,000, representing a 65% decrease from this month’s peak of $1.83 million on August 8 and an 87% decline from the all-time high of $5.08 million on March 18. The decline in daily transaction fees suggests reduced activity on the Solana network and can be linked to the cooling hype around memecoins. The Solana memecoin market capitalization also reflected a 2.6% decrease in the past 24 hours.

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