Solana dApps posted a record-breaking $11.08 million in fees thanks to memecoins. (Photo By: Derek Fenech/CCN)
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Key Takeaways
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.
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.
Source | DeFiLlama
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.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
