TLDR
Solana blockchain experienced record-breaking daily fees of $35M due to Trump and Melania token launches
TRUMP token generated over $3B in trading volume over a single weekend
SOL token value surged 46% weekly, with 24-hour trading volume reaching $26B
Melania Trump’s token launch caused TRUMP token to drop 50% temporarily
Network demand peaked at 8M transactions per minute, leading to brief delays in some applications
The Solana blockchain network achieved unprecedented levels of activity this weekend, driven by the launch of two high-profile political tokens. The network recorded its highest-ever daily fees of $35 million, with revenue reaching at least $14 million, according to data from DeFiLlama.
The surge in activity began on Saturday with the launch of the official Donald Trump token (TRUMP) on the Solana blockchain. The token’s debut triggered an extraordinary wave of trading activity, with over 6 million active addresses participating in transactions across the network.
Trading volumes for the TRUMP token reached impressive heights, exceeding $3 billion over Saturday and Sunday alone. This intense trading activity contributed to the network’s record-breaking fee generation, which more than doubled the previous high of $14 million set in November 2024 during the AI token trading boom.
The blockchain’s native token, SOL, experienced substantial growth amid the increased network usage. Trading volumes for SOL skyrocketed from $3 billion on Thursday to over $26 billion within 24 hours. The token recorded weekly gains exceeding 46%, continuing its remarkable recovery from December 2022 lows.
The network’s evolution becomes particularly apparent when considering SOL’s price movement since December 2022. The token has risen nearly 3,000% from its three-year low of $9, which occurred during the aftermath of the FTX exchange collapse and the legal troubles of former Solana supporter Sam Bankman-Fried.
The weekend’s activity intensified further when First Lady Melania Trump launched her own memecoin late Sunday. This unexpected development temporarily impacted the TRUMP token’s value, causing it to decline by 50% at one point during trading.
The surge in transaction volume put considerable pressure on the network’s infrastructure. Ecosystem applications like Jito and Phantom reported brief delays during Asian trading hours, though these issues were quickly resolved through technical interventions.
Phantom, a popular wallet service on the Solana network, shared detailed statistics about the unprecedented activity. In a post on X, the company reported processing 8 million transactional requests per minute. Users conducted over 10 million transactions and exchanged more than $1.25 billion in volume during a single 24-hour period.
The Melania token launch added another layer of complexity to the market dynamics. The token’s initial supply consisted of 1 billion tokens, with specific allocations divided among various stakeholders. According to Bubblemaps data shared on X, 89% of the initial supply was held in a single wallet before being distributed across Treasury, Community, Team vesting, and Public distribution segments.
The development team received a 35% allocation, while 20% went to the treasury, and 15% was designated for public distribution. The remaining tokens were split among various protocol functions and early supporters.
Market data from DexScreener showed immediate trading activity for the new token, with over 133,000 tokens changing hands shortly after launch. The team chose Jupiter as the primary platform for token purchases, emphasizing accessibility and security in the trading process.
Technical analysis from CoinCodex indicated a bullish sentiment for the Melania token, with their Fear & Greed Index showing a reading of 76, suggesting “Extreme Greed” in the market. The token maintained positive price movement for 60% of the observed trading days.
The launch created ripple effects throughout the broader crypto market. The TRUMP token’s market capitalization experienced volatility, initially dropping by $7.5 billion before stabilizing at approximately $9.02 billion.
BubbleMaps reported that the original 89% token allocation has been restructured into four main wallets, holding 30%, 30%, 20%, and 6% respectively. The project’s tokenomics include planned releases of 2.25% of tokens monthly over the next 13 months.
These events demonstrate the Solana network’s ability to handle massive transaction volumes, even while processing millions of requests per minute. The network’s performance during this period of intense activity provides concrete data about its scalability and efficiency under pressure.
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