Solana-based decentralized applications (DApps) have registered record fees and revenue over the past 24 hours, driven by a renewed meme coin frenzy.
According to decentralized finance (DeFi) analyst Patrick Scott, who shared data from DefiLlama on Nov. 18, five of the top 10 protocols by fees in the last day were hosted on the Solana blockchain.
Prominent among them is Raydium, an automated market maker, which amassed a record $11.31 million in fees on Nov. 17.
Solana-Based Jito Hits 3rd Highest Daily Fee
Similarly, Jito, a liquid staking protocol, registered its third-highest daily fee collection at $9.87 million.
The memecoin launchpad pump.fun reported its seventh-highest earnings day, generating $1.65 million in fees.
Photon, a Telegram-based trading bot catering to Solana meme coin traders, achieved its fifth-highest fee revenue at $2.36 million, positioning it as the seventh-highest earner.
This surge in fees coincides with increased speculative activity around meme coins and a notable rally in Solana’s native token, SOL.
The token reached $242 on Nov. 17, marking its highest price since November 2021.
A standout in this memecoin resurgence is Peanut (PNUT), a squirrel-themed token that skyrocketed over 2,700% in two weeks, reaching a market capitalization of $2.4 billion on Nov. 14.
The token gained additional momentum after receiving several mentions from Elon Musk on X (formerly Twitter), coinciding with the launch of the Department of Government Efficiency, a new U.S. federal agency.
Another memecoin, Dogwifhat (WIF), witnessed a substantial price surge after being listed on Coinbase on Nov. 15.
The listing drove its price to a six-month high of $4.19. The timing aligned with renewed interest in Dogecoin (DOGE), as the agency’s name mirrors DOGE’s ticker symbol.
DOGE saw its own rally, climbing over 140% in the past two weeks.
As of now, SOL is trading at $234, just 8.5% shy of its all-time high of $259 set in November 2021.
Solana’s market capitalization has grown to $112 billion, a 44% increase from its $77 billion valuation during its previous peak.
The growth is attributed to the blockchain’s inflation schedule, which rewards stakers with newly minted SOL tokens.
Currently, Solana’s inflation rate stands at 4.9% and decreases by 15% annually, as per SolanaCompass data.
Institutional Investments in Solana DApps Reach $173M in Q3
As reported, institutional investment in Solana-based blockchain applications rebounded in the third quarter of 2024, with Solana’s decentralized applications (DApps) attracting $173 million across 29 funding rounds.
This marks a 54% rise from the previous quarter, signaling renewed interest in the Solana ecosystem despite a 37% decline in the number of funding rounds, according to a recent Messari report.
Per the report, this influx of capital represents the highest investment level in Solana projects since Q2 2022.
The third quarter also saw a dramatic increase in Solana’s fee-related metrics.
Average daily fee payers reached 1.9 million, an impressive 109% increase quarter-over-quarter, while new fee payers surged 430% to 1.3 million.
However, the network’s daily transaction volume, excluding voting-related activity, dropped by 12% to 62 million transactions.
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