On August 27th, it was reported that the total daily transaction fees on the Solana blockchain, calculated in US dollars, had dropped to a new low since early May 2024. Specifically, Solana's daily transaction fees were only $639,000 on Monday, which is a decrease of about 65% from its peak of $1.83 million earlier this month and a decrease of 87% compared to its historical high of $5.08 million in March. This phenomenon has been attributed to the cooling down of the Meme coin craze. Ruslan Lienkha, head of market at YouHodler, pointed out that the reduction in transaction fees reflects a decrease in network activity on Solana, particularly in Meme coin trading activities. He believes that the decline in user activity on Solana, as the preferred platform for Meme projects, marks the end of the current Meme coin hype cycle in the crypto market, similar to the situation during the last crypto cycle when NFT trading volumes decreased.