Ethereum, Bitcoin users rush to Solana [SOL] as they seek…

May 18, 2023

By Abiodun Oladokun

Read Solana’s [SOL] Price Prediction 2023-24

• High transaction fees on Ethereum and Bitcoin have led to increased network activity on Solana.

• While network activity sees growth, other ecosystem metrics experience a decline. 

Solana saw an influx of new users as high transaction fees on Ethereum [ETH] and Bitcoin[BTC] drove new demand to the Layer 1 (L1) network, data from The Block showed. 

On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed Pepe (PEPE) situated a spike in transaction fees on the chain.

According to data from Messari, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022.

As for the Bitcoin network, the introduction of Ordinals and BRC-20 tokens led to a significant increase in network activity and fees on the chain.

Data from Messari further showed that the average transaction fees on the chain went as high as $30 on 8 May, its highest since April 2021. 

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