Coinbase analysts have identified Solana’s rising memecoin trading activity as a significant factor contributing to network fees, marking the blockchain as a key player in this high-growth sector. With Solana emerging as a central hub for memecoin launches, onchain trading protocols on the network have become the third most profitable crypto sector, trailing only stablecoins and layer-1 network fees.
“Memecoins have led all crypto sectors in market cap growth this year,” note the analysts, highlighting Solana’s role. Pump.fun, a widely adopted memecoin launch platform on Solana, has been instrumental, with over three million memecoins launched on it, contributing heavily to Solana’s transaction fees. According to Coinbase, trading activity accounts for more than 82% of all non-vote transaction fees on the Solana network, underscoring the dominance of this new trading-linked activity.
Solana has gained 7%, trading at $201, while Bitcoin rose to $75,800 after reaching a recent peak of over $76,600. This growth reflects broader crypto market trends, with analysts predicting that Solana’s active memecoin market will continue to drive activity and transaction volume on the network.