Solana’s recent surge was mainly driven by Trump and his wife, Melania, launching two memecoins on the blockchain in the lead-up to his inauguration. Trump’s coin saw frenzied trading, reaching a market cap of $15 billion before a sharp decline.

Such fees are remarkably high for a low-cost blockchain, when transactions typically take fractions of a cent to settle.

Ethereum’s cryptocurrency keeps losing ground to rival tokens as it struggles to harness tailwinds created by President Donald Trump’s foray into a highly speculative corner of the digital-assets market.