Memecoin Mania Pushes Solana To Dominate Top Crypto Fee Rankings

• Solana protocols now occupy three of the top five spots for 24-hour revenues and fees.
• Top Solana-based memecoins have posted triple-digit growth over the past 7-days.
• Solana’s market cap has hit an all-time high of over $117 billion.

Memecoin mania is back as a recent flurry of trading has propelled Solana-based decentralized applications (dApps) to record high fees and network activity in the past 24 hours, overtaking the likes of Ethereum.

Solana dApps Up

As per DeFiLlama, the Solana (SOL) dApps posted a record-breaking $11.08 million in fees and $4.03 million in revenues over the last 24 hours, almost doubling in a week. The surge in activity was led by memecoin trading on popular decentralized finance (DeFi) and decentralized exchange (DEX) platforms.

Notably, Solana, as well as SOL-based Raydium and Jito, now occupy three of the top five spots in terms of ranking by fees and revenue on DeFiLlama.

Impressively, automated market maker Raydium has seen a week-long streak of record-breaking fees and revenues, climbing from $2.78 million in fees and $162,920 on Nov. 12 to $11.69 million and $798,890 on Nov. 18. That’s an approximate increase of 320% in revenues and a solid 390% increase in fees in the past 7 days.

Similarly, liquid staking protocol, Jito, climbed from $4.3 million in 24-hour fees and $153,960 in revenues to a new all-time-high (ATH) of $10.99 million, up 155%, and $439,540 in a week, up 185% in that same period.

Memecoins Dominate

Solana-based memecoins have become a popular draw for traders of all shapes and sizes. As per CoinGecko , tokens such as Peanut the Squirrel (PNUT) have seen absurd gains exceeding 280% in the past week and $1.9 billion in 24-hour trading volumes.

As has Bonk (BONK), with over 100% in price gains and over $2.1 billion in 24-hour trading volumes. Other top-performing memecoins, like Dogwifhat (WIF), BOOK OF MEME (BOME), and Act I: The AI Prophecy (ACT), have all posted double-digit gains for the week.

This has also seen the SOL token relish some solid gains itself, jumping some 14% to $245.9 in the past week, gaining a sturdy 3.14% in the past 24 hours alone. Solana’s market cap is now also at an all-time high of $117.24 billion.