Solana surpasses Ethereum in weekly transaction fees for the first time in history

Data from Blockworks revealed that, in the July 22nd week, Solana surpassed Ethereum in total weekly transaction fees for the first time in history. Solana recorded approximately $25 million in transaction fees, while Ethereum recorded roughly $21 million. 

Solana also recorded daily transaction fees of approximately $5.5 million, the highest the blockchain recorded in 3 months. The data collected included all Solana validators, including the maximum extractable value (MEV) tips. 

According to Blockworks’ Senior Research Analyst Dan Smith, 58% of the value came from MEV tips, while 37% came from priority transaction fees. Dan mentioned that most of the activity was from spot DEX trading.  

On May 12, the memecoin network also surpassed Ethereum in total economic value (TEV) for the first time in a single day. The TEV is the total transaction fees plus MEV. Solana accumulated over $2.2 million, while Ethereum recorded a little over $1.97 million.

Ethereum still tops in total value locked (TVL), with over $58 billion compared to Solana’s $5.5 billion. DefiLlama data shows that Solana’s current TVL is up by 25.68% over the past month. However, Ethereum’s value is down by 1.77% over the past month.

Solana beats BNB as the 4th largest currency

SOL’s price has been steadily increasing over the past few weeks, crossing the $185 line. The coin is trading at $186.72 at the time of writing, gaining over 1.0% in a day. SOL’s price has also been 2.1% up in the past 7 days and nearly 32% up in the past month.

SOL’s price movement influenced its market cap, which reached over $86.73 billion. The coin overtook BNB as the fourth-largest currency by market cap. BNB’s market cap is a little over $84.29 billion, while it trades at $577.93 at the time of writing. 

SOL’s bullish outlook comes with the potential SOL spot ETF approvals, attracting interest from institutional investors. 99Bitcoins tweeted that the Ether ETF approvals could also reinforce Solana’s performance. 

Analysts are speculating about the outcome of SOL’s price over the next few days. One X user tweeted that Solana is ready for the next bull run. Another explained that SOL broke its $186 resistance, setting itself up for a bull run. The X user added that the next resistance level investors should keep an eye on is $192.

Solana memecoins lose value

Celebrity memecoins on Solana continue to plunge despite the craze surrounding them this year. Many celebrities, including Caitlyn Jenner, Iggy Azalea, and Davido, launched memecoins in June this year.

Another X user, Slorg, released a table showing the value changes in 30 memecoins released in June. Andrew Tate’s DADDY, Caitlyn Jenner’s JENNER, Iggy Azalea’s MOTHER, and Alexis Texas’s ALEXIS were some of the top-performing celebrity memecoins. However, the coins recorded over 70% depreciation. Investors suffered significant losses during the celebrity memecoin crash as most projects lost over 90% of their value. 

One X user commented about $WATER, supported by footballers Ronaldinho and Messi. The user asked whether the memecoin would pump or crash, referring to the recent memecoin crash.