• Crypto & Funx
• 12 Sep, 2024

Five of the top ten DeFi protocols by fees operate on Solana, with Raydium setting a record of $11.79M in daily transaction fees.

Peanut meme coin surged 2,700% in two weeks reaching $2.4B market cap, while Dogwifhat hit $4.19 after Coinbase listing.

Solana's SOL token trades at $242 with $112B market cap, approaching its all-time high of $260 from November 2021.

Solana-based decentralized applications (DApps) have surged to new records in transaction fees and revenue activity. On November 18, 2024, Patrick Scott, a decentralized finance expert, highlighted that five of the ten leading protocols by fees over the past day operated on Solana’s blockchain. The trend reflects growing activity within Solana’s ecosystem, propelled by meme coins’ resurgence in the spotlight.

Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j

Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.This is either a massive top signal or radical shift in market activity.

Record-Breaking Fees for Solana’s Key Protocols

On November 17, Solana’s automated market maker, Raydium , recorded $11.79 million in daily transaction fees, marking a historic peak. The achievement set a new platform benchmark. Similarly, Jito , a protocol centered on liquid staking, secured $7.89 million in fees, ranking as its third-highest daily performance, to DefiLlama.

Photo: DefiLlama

Pump.fun, a meme coin-focused launchpad, achieved its seventh-highest revenue day with $1.65 million in fees. Photon, a Telegram-based Solana trading bot, also capitalized on the momentum, earning $2.36 million in fees, its fifth-best day.

The fee surge aligns closely with the explosive growth of meme coins. Peanut emerged as a standout, soaring 2,700% within two weeks and reaching a $2.4 billion market cap by November 14. High-profile endorsements, including multiple promotions by on X (formerly Twitter), played a key role in its rapid ascent.

“If you strike me down, I will become more powerful than you could possibly imagine” Obi PNut Kenobi pic.twitter.com/dD2Xo0fSkr

“If you strike me down, I will become more powerful than you could possibly imagine” Obi PNut Kenobi

Dogwifhat , Solana’s largest meme coin, gained further traction after its November 15 listing on , pushing its value to a six-month peak of $4.19 that day. This renewed activity in the meme coin sector, coupled with the growing visibility of Solana’s ecosystem, has significantly influenced the value of its native token, SOL .

Simon’s Cat Joins Solana Ecosystem

CAT , the meme coin tied to Simon’s Cat, is expanding to the Solana blockchain, aiming to tap into newer trading audiences. Long-term BONK holders on Solana will get early access, with a vault offering discounted CAT tokens, attracting considerable interest as deposits exceed $240,000.

The Simon’s Cat Vault has , offering a discounted price of 0.00003951 per $CAT for 12-month BONK token lockers. The vault, which ends in 24 hours, has already surpassed its $100,000 target. Deposits are withdrawable before the vault’s closing, attracting early CAT adopters.

Solana’s popularity as a meme coin hub has drawn CAT’s expansion from the BNB Chain. The blockchain’s high-speed, low-cost network appeals to retail traders. The Simon’s Cat team is excited about Solana’s exchange support, which will provide increased trading opportunities and liquidity for the growing meme coin.

Solana Gains Momentum, Nearing Record Highs

As of November 18, Solana is trading at $242, gaining 1.90% in the last 24 hours. The token is still 6.76% below its all-time peak of $260, achieved in November 2021. Its market capitalization has surged to $112 billion, marking a 44% rise from the previous high of $77 billion recorded on November 6, 2021.

Key factors behind this growth include renewed enthusiasm for meme coins and the ongoing issuance of new tokens through an inflationary rewards system. Currently, Solana’s inflation rate stands at 4.9%, with a planned annual reduction of 15%, to SolanaCompass data.