Solana\u2019s SOL<\/a> has surged to a new all-time high of 0.05797 against Ethereum<\/a>, according to Tradingview data<\/a>.<\/p>\n This price performance follows its recent surge above the $200 mark for the first time since November 2021, coinciding with the blockchain record-breaking network activity.<\/p>\n The price uptick has propelled Solana\u2019s market capitalization to an unprecedented high<\/a> of more than $91 billion, cementing its position as the fourth-largest digital asset by market cap.<\/p>\n As of press time, Solana was trading for $207, according to CryptoSlate\u2019s<\/em> data.<\/p>\n Solana DEX volume<\/span><\/p>\n Solana\u2019s surge in value finds its roots in robust network activity, driven notably by the prevailing memecoin fervor<\/a>.<\/p>\n DeFillama data<\/span><\/a> reveals that Solana\u2019s decentralized exchanges (DEX) trading volume stood at approximately $2.8 billion during the past day. This figure dwarfs the number recorded by Ethereum-based DEX during the same time frame.<\/p>\n This is not the first time Solana\u2019s DEX trading volume has surpassed Ethereum\u2019s<\/a>\u00a0<\/a>in recent months.<\/p>\n Meanwhile, the top three DEXs in volume across all chains\u2014Raydium, Jupiter, and Orca\u2014are Solana-based, collectively commanding over 40% of the market share. Data<\/a> from Dex Screener, an analytics platform monitoring decentralized exchange trading, also show that the top 35 assets by volume in the preceding 24 hours were memecoins based on Solana<\/a>, including Snap, Book of Meme, Wen, dogwifhat, and Nostalgia.<\/p>\n In addition, the network has outperformed<\/span> every other chain in daily active addresses, with more than\u00a0 2 million addresses interacting with the blockchain during the reporting period, according to Artemis data<\/a>.<\/p>\n Despite the significant network activity, Solana has maintained its meager network fees compared to Ethereum and its layer-2 networks utilizing Blobs.<\/p>\n According to Tom Wan,<\/a> an analyst at 21 Shares, the median gas fee on Solana stands at $0.0028, notably cheaper than the $0.004 to $0.077 range recorded on Ethereum\u2019s layer-2 networks following the Dencun Upgrade integration<\/a>.<\/p>\n Last week, Ethereum recently concluded the Dencun upgrade to reduce transaction fees drastically. While the upgrade did result in fee reductions<\/a>, Solana\u2019s fees remain substantially lower.<\/p>\n Market observers suggest that these minimal fees could position Solana-based projects as viable alternatives to those on Ethereum.<\/p>\nSolana Fees Remain Low<\/span><\/span><\/h2>\n
![\"Solana](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/03\/GI5fWEiXQAAD-ew.jpg\")
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