Solana’s transaction fee volume has plummeted to its lowest level since 2023, signaling a sharp decrease in network activity as interest in meme coins fades. According to Dune Analytics, Solana users spent just $146,411 on transaction fees on September 12, marking a significant drop from the $5.08 million peak on March 18. The average transaction fee also fell to $0.0053 on September 7, hitting a six-month low.
Solana's transaction fees hit their lowest point since 2023 as interest in meme coins fades. DEX activity and user numbers also see significant drops.