Solana Network Fees Drop, Allegedly Due to Pump.fun's Declining Popularity

Bittime - In September, Solana network fees saw a significant decrease, reaching their lowest point in the last 6 months. What caused it? Read this article to find out!

Solana Network Fees Drops

Source: TheBlock.co

On September 11, Solana network fees hit their lowest point in the last 6 months. As of August 31, the average daily fee on the network was approximately 3,800 SOL. 

Although on September 6 these fees saw a slight increase to around 4,000 SOL per day, they are still well below the average level in the second quarter of 2024, where daily fees easily exceed 10,000 SOL.

Those is a major downgrade from previous performance, where Solana often generated high network fees due to high user activity, especially with regard to Pump.fun.

Read Also: Raydium, Pump.fun, and Jito are the main sources of income for Solana 

Solana Network Fees and Pump.fun

One of the main factors influencing the decline in Solana network fees is reduced activity on Pump.fun. At its peak on July 30, Pump.fun managed to generate $2.31 million in fees in just one day. 

However, on September 6, fees generated by Pump.fun only reached $409,000, which marked a drastic 82% drop in a few weeks.

This drop shows the relationship between Pump.fun's popularity and Solana network fees. When activity on Pump.fun decreases, fees generated by the Solana network also decrease.  

SOL Token Price Also Drops

Source: Bittime.com

In addition to the decrease in Solana network fees, SOL price has also experienced a significant decline in the last few weeks. Since the end of July, SOL prices have fallen by around 35%.

This price drop, along with a decrease in network fees, creates challenges for the Solana network which was previously known for its rapid growth and high transaction volumes.

Even though Solana network fees and SOL prices have decreased, Solana certainly still has potential. As one of the blockchain networks with high scale and speed, Solana has become one of the main players in the crypto world. 

Read Also: Compared to Ethereum (ETH), Solana (SOL) and Dogwifhat (WIF) are more promising?

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.