Solana's network has been influenced by unusual traffic in recent weeks. The trend is due to one particular category of cryptocurrencies, memecoins.

Due to the high trading volume caused by meme cryptocurrencies, fees on Solana skyrocketed to all-time highs. On March 17, a total of $4.9 million was paid in that regard, well above the values of February of the same year, when $300,000 was averaged in fees per day.

The big beneficiaries of the event are Solana validators. Users running these nodes, tasked with processing transactions and blocks on the network, racked up profits with spikes of $2.47 million for the month.

The top market-moving cryptocurrencies on Solana are Dogwifhat (WIF), Book of Meme (BOME), and most recently, Slerfol (SLERF).

The same was true for BOME, with very high peaks in trading volume in March, above $1,100. Meanwhile, SLERF has more than USD 500 million in trade volume at the time of writing.

This is the most recent meme cryptocurrency launched on Solana and it had a particularity: its creator burned the equivalent of $10 million worth of SLERF accidentally, which favored the price of the cryptocurrency (because it reduced demand), but also hurt some investors, who lost their money.