Solana-based apps have seen record-breaking fee and revenue activity over the past 24 hours amid the return of memecoin mania.
According to a November 18
Five of the top 10 protocols by fees were on Solana on November 17th. Source: DefiLlama
Solana-based automated marketplace maker Raydium recorded $11.31 million in fees on November 17, while liquid staking protocol Jito was third on the same day with $9.87 million. recorded high fees (based on DefiLlama data).
Meanwhile, Memecoin Launchpad Pump.fun was the seventh-highest earner, earning $1.65 million in fees.
Photon, the Telegram trading bot for Solana memecoins, ranked as the seventh highest-grossing product and had the fifth-highest fees on record at $2.36 million.
Record-breaking fees for several Solana protocols were driven by feverish speculation about memecoins and large price movements in the native Solana token (SOL) itself, which soared to $242, the highest since November 2021.
A memecoin based on a squirrel called Peanut (PNUT) has risen more than 2700% in the past two weeks, reaching a peak value of $2.4 billion on November 14. This is because Elon Musk has shipped tokens from X several times with the launch of the government. efficiency.
relevant: Probability of Solana ETF being favorable in 2025: VanEck
Dogwifhat (WIF), Solana’s largest memecoin, was listed on Coinbase, an American cryptocurrency exchange, on November 15 and hit a six-month high of $4.19 on the same day.
The Department of Government Efficiency is a new US government agency led by President-elect Donald Trump and has the same acronym as the ticker of Dogecoin (DOGE), a memecoin that has seen significant gains over the past seven days. 140% in the last two weeks.
Solana rises above $240 despite supply inflation
SOL is currently trading at $234, moving just 8.5% to regain its all-time high of $259.
In particular, Solana is trading at a market capitalization of $112 billion, 44% higher than the previous high of $77 billion on November 6, 2021.
The increase in market capitalization is due to an overall increase in the number of Solana tokens issued as part of the inflation schedule. This rewards stakers for their efforts with newly minted SOL tokens.
At the time of publication, Solana’s inflation rate was 4.9% and is declining at a rate of 15% per year, according to SolanaCompass data.
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