Solana-based decentralized purposes (DApps) have reported record-breaking price earnings because of the resurgence of memecoin exercise within the crypto house. Knowledge from the DeFi analytics platform DefiLlama reveals that 5 of the highest ten crypto protocols by price income over the previous 24 hours had been constructed on Solana.
Among the many standout performers was Raydium, an automatic market maker, which generated $11.31 million in charges on Nov. 17, its highest each day earnings to this point.
Liquid staking platform Jito additionally reported $9.87 million in charges on the identical day, attaining its third-highest income milestone. Different Solana-based platforms, together with the memecoin launchpad Pump.enjoyable and the Telegram-based buying and selling bot Photon, noticed each day revenues of $1.65 million and $2.36 million, respectively.
Memecoin Hypothesis Fuels Exercise
The surge in charges and exercise on Solana protocols is carefully tied to the resurgence of memecoins. Peanut (PNUT), a squirrel-themed token, noticed a 2,700% price improve over the past two weeks. The memecoin reached a peak valuation of $2.4 billion by Nov. 14. The token’s worth surged because of repeated mentions by Elon Musk on X. One other memecoin, Dogwifhat, drew consideration after being listed on Coinbase on Nov. 15. This itemizing briefly pushed its price to a six-month excessive of $4.19.
This memecoin frenzy coincides with the launch of the Division of Authorities Effectivity, a newly established U.S. federal company beneath President-elect Donald Trump. Curiously, the company’s abbreviation, DOGE, mirrors the ticker image for Dogecoin, which has additionally skilled development, climbing 156% within the final month.
Solana (SOL) Token Nears All-Time Excessive
Aside from Solana-based memecoins, its native token, SOL, has additionally surged in worth, reaching $242 on Nov. 17, its highest price since November 2021. At the moment buying and selling at $234, the token is barely 8.5% away from reclaiming its all-time excessive of $259.
Along with its rising price, Solana’s market capitalization has soared to $104 billion, a 44% improve from its earlier peak of $77 billion in November 2021.
The expansion comes regardless of the blockchain’s inflationary token issuance, which rewards stakers with newly minted SOL tokens. In accordance with SolanaCompass, Solana’s inflation fee is at present at 4.9%, with an annual lower of 15%.