Solana’s gas fees have surpassed Ethereum’s for the first time, accumulating about 32.2 million USD. This increase is fueled by a spike in transaction volumes, as the platform becomes a favored choice for Memecoin trading and decentralized exchanges.
Nansen Analytics reports that Solana recorded 718.65 million transactions, significantly outpacing Ethereum’s count by 87 times. Higher transaction counts contribute to network congestion and occasionally lead to transaction failures, further driving up gas fees.