Solana Value Spikes 5.46% to $149: What Happened Behind the Scene

• For the first time, Solana outpaced the Ethereum network regarding profitability.
• Solana’s economic value exceeded $2.2 million, while that of Ethereum was low at $1.98 million.
• Following the news, SOL saw an upsurge to $149 from the earlier low of $141.

Solana (SOL) blockchain has, for the first time, outpaced the Ethereum network in terms of profitability, causing SOL’s value to surge. On-chain analyst Dan Smith brought attention to this significant event in a recent post on X. He noted that Solana’s economic value has exceeded $2.2 million. In comparison, Ethereum’s economic value sits at around $1.98 million.

For the first time ever on May 12, Solana generated more Total Economic Value than Ethereum in a single day pic.twitter.com/nrCe7pMNjb

— Dan Smith (@smyyguy) May 14, 2024

The chart accompanying the update shows the economic value generated by both Solana and Ethereum from February 14 to May 12, 2024. This value is calculated based on transaction fees and miner extractable value (MEV). 

Ethereum’s economic value reached a high of $40 million in late February but experienced a decline, eventually stabilizing between $10 million and $15 milli…

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