Solana Continues Steady Rise Amid Memecoin Craze: DApps Achieve Record Revenue
Recent high trading volumes have highlighted Solana-based decentralized applications (DApps), which are experiencing record fees and network activity. Solana has achieved impressive successes lately, surpassing major players like Ethereum.
According to DeFiLlama data, Solana (SOL) DApps generated a record fee of $11.08 million and $4.03 million in revenue in the last 24 hours. This surge has been fueled by meme coin trading on popular decentralized finance (DeFi) and decentralized exchange (DEX) platforms. Solana-based Raydium and Jito are among the top five in terms of fees and revenue on DeFiLlama.
The impact of record-breaking applications and meme coins on the Solana network is significant. The automated market maker Raydium has been breaking records in fees and revenue over the past week. On November 12, it reached $2.78 million in fees and $162,920 in revenue, rising to $11.69 million in fees and $798,890 in revenue by November 18. This represents approximately a 320% increase in revenue and a 390% increase in fees over the last seven days.
Similarly, the liquidity provider protocol Jito surged from $4.3 million to $10.99 million within a 24-hour period, reaching an all-time high. Revenue also increased from $153,960 to $439,540, marking an 185% rise during the same period. Solana-based meme coins have become a popular attraction for investors of all kinds. Tokens like Peanut the Squirrel (PNUT) have recorded staggering gains of over 280% in the past week, reaching a trading volume of $1.9 billion within 24 hours.
Solana is capitalizing on market dynamics. Other Solana-based meme coins continue to attract interest as well. For instance, Bonk (BONK) recorded a price increase of over 100% along with a trading volume exceeding $2.1 billion within 24 hours. Other high-market-cap meme coins, such as Dogwifhat (WIF), BOOK of MEME (BOME), and Act I: The AI Prophecy (ACT), have achieved double-digit weekly gains. These developments are also contributing to notable gains for the SOL token.
Last week, SOL rose by 14%, reaching $245.9, and it has achieved a strong gain of 3.14% in the last 24 hours. Solana's market capitalization has now reached an all-time high of $117.24 billion.
Currently, Solana is just 6.5% away from its peak level of $259 achieved in November 2021. The cryptocurrency’s market cap has already surpassed its historic peak level. This growth is supported by an increasing user base and the adoption of blockchain technology.
Experts believe that investor confidence could further strengthen for Solana as the market adapts to potential regulatory changes. In particular, the newly established Government Efficiency Department's efforts to reduce inefficiencies in the regulatory approach towards growing cryptocurrencies will be closely watched by the crypto community.
Alongside Solana's achievements during this period, unprecedented fee gains accompany the meme coin rally. This situation showcases Solana's resilience and potential growth capacity in the decentralized finance space.