Layer 1 blockchain Solana had the 2d-very most realistic day in total transaction charges paid by customers the day gone by, knowledge from blockchain analytics firm Artemis shows.

On March 7, customers paid roughly $1.1 million in fuel charges to transact on the Solana blockchain, with a enormous share of those charges coming from memecoin trading on decentralized exchanges.

Solana’s 2d-very most realistic day in charges generated comes a little of over a month after the blockchain community recorded its excessive of $1.2 million in daily charges on Jan. 31.

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Per Artemis, of the tip 5 applications of Solana ranked by fuel consumption, three of them are DeFi protocols, particularly trading platforms: Raydium, Jupiter, and Float. The three collectively possess generated virtually $470,000 in fuel charges over the final 24 hours.

A Dune dashboard created by knowledge scientist Andrew Hong shows that the 2d most traded pair on Solana-essentially based decentralized exchanges within the previous seven days is SOL-WIF with a trading quantity of $1.04 billion, within the back of SOL-USDC with $5.14 billion at the time of writing. Moreover, of the tip 10 trading pairs by quantity on Jupiter, 5 of them encompass dogs-essentially based memecoins, particularly WIF and BONK.

“Our hypothesis [for the spike in fees generated] is total greater utilization due to memecoins — there’s also a spike in wallet switch fuel utilization so likely of us transferring SOL to and from CEX to alternate,” acknowledged Artemis co-founder Jon Ma in a Telegram message to Unchained.

The worth of SOL, the native token for Solana, for the time being sits at $145, an 11.2% develop within the previous week. Moreover, BONK and WIF every possess a market cap of over $2 billion, according to knowledge from CoinGecko.