Solana transaction fees dropped to its lowest since September 2024, with on-chain activity dropping sharply

PANews March 11th news, according to The Block, the total transaction fee generated by Solana network was only 53,800 SOL last week, the lowest level since September 2024, down 10% from the previous week. Of these, 77% of the fees came from the "acceleration fee" paid by users to validators (Jito prompt fee), which has dropped significantly from the peak period of $TRUMP and $MELANIA meme coins (the fourth week of January).

The 7-day average (7DMA) of the number of active addresses on the Solana chain also fell by 35% during the same period, causing the SOL price to fall by about 50% since January 20. In addition, the token “graduation” rate on the Pump.fun platform in the Solana ecosystem (migrating from Pump.fun to Raydium DEX) has dropped to 0.89%/day, well below 1.6%/day in January.