Solana-based decentralized applications (DApps) have reported record-breaking fee earnings due to the resurgence of memecoin activity in the crypto space. Data from the DeFi analytics platform DefiLlama shows that five of the top ten crypto protocols by fee revenue over the past 24 hours were built on Solana.
Among the standout performers was Raydium, an automated market maker, which generated $11.31 million in fees on Nov. 17, its highest daily earnings to date.
Liquid staking platform Jito also reported $9.87 million in fees on the same day, achieving its third-highest revenue milestone. Other Solana-based platforms, including the memecoin launchpad Pump.fun and the Telegram-based trading bot Photon, saw daily revenues of $1.65 million and $2.36 million, respectively.
Memecoin Speculation Fuels Activity
The surge in fees and activity on Solana protocols is closely tied to the resurgence of memecoins. Peanut (PNUT), a squirrel-themed token, saw a 2,700% price increase over the last two weeks. The memecoin reached a peak valuation of $2.4 billion by Nov. 14. The token’s value surged due to repeated mentions by Elon Musk on X. Another memecoin, Dogwifhat, drew attention after being listed on Coinbase on Nov. 15. This listing briefly pushed its price to a six-month high of $4.19.
This memecoin frenzy coincides with the launch of the Department of Government Efficiency, a newly established U.S. federal agency under President-elect Donald Trump. Interestingly, the agency’s abbreviation, DOGE, mirrors the ticker symbol for Dogecoin, which has also experienced growth, climbing 156% in the last month.
Dogecoin (DOGE) saw 156% increase in the last one month. Source: CoinMarketCapSolana (SOL) Token Nears All-Time High
Apart from Solana-based memecoins, its native token, SOL, has also surged in value, reaching $242 on Nov. 17, its highest price since November 2021. Currently trading at $234, the token is only 8.5% away from reclaiming its all-time high of $259.
In addition to its rising price, Solana’s market capitalization has soared to $104 billion, a 44% increase from its previous peak of $77 billion in November 2021.
Solana’s (SOL) market cap crossed $100 billion. Source: DefillamaThe growth comes despite the blockchain’s inflationary token issuance, which rewards stakers with newly minted SOL tokens. According to SolanaCompass, Solana’s inflation rate is currently at 4.9%, with an annual decrease of 15%.
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