Key Points
- Solana network fees reached a new ATH in October above $69 million, surpassing its March high.
- From the beginning of this year, the total Solana fees are $432 million.
Solana reached a new ATH in terms of network fees in October, surpassing its previous peak hit this year in March.
Last month, Solana network fees surpassed $69 million, with the second-biggest month being March when the network recorded over $66 million in fees, according to data from Dune Analytics.
The highest day in terms of fees last month was on October 24 at almost $5 million.
Other Important Solana Metrics
A high number of transaction fees translates into a high number of transactions and active addresses.
Dune data also shows that as of October 27, the total active addresses on Solana were 2.68 million.
Solana continues to see increased use, especially thanks to the memecoin frenzy. In the past 24 hours, the Solana memecoins sector saw a surge in market cap of almost 18%, nearing $13 billion, CoinGecko data shows.
Also, the 24-hour trading volume surpassed $3.2 billion, according to the same data.
Solana vs. Bitcoin and Ethereum Network Fees
Dune data also shows a comparison between the total fees on the three blockchains and the fees recorded since January 2024 as follows:
- The total Bitcoin fees are $4.15 billion, and the fees since January are $849 million.
- The total Ethereum fees are now at $19.6 billion, and the fees since January are $2.09 billion.
- The total Solana fees are $432 million, while the fees since January are $411 million.
Bitcoin network fees last month were over $47 million, and they reached a peak at $337 million in December 2023.
Also, Ethereum network fees were at $142 million in October, and the highest-ever month in terms of network fees was November 2021, at $1.83 billion.
On-chain activity is expected to rise on all blockchains, especially since Bitcoin and crypto are seeing intense support in the US and abroad.
