Amid a resurgence of memecoin mania, Solana-based decentralized finance applications (DApps) have seen a surge in fee and revenue generation. According to data from DefiLlama cited by decentralized finance (DeFi) commentator Patrick Scott, Solana had five of the top ten protocols by fees in the last day.
One of these, Solana-based market maker Raydium, recorded an impressive $11.3 million in fees on Nov. 17. Another, the liquid staking protocol Jito, scored its third-highest day of fees at $9.87 million the very same day. Additionally, the memecoin launchpad pump.fun and Photon, a trading bot for Solana memecoins, also had remarkable earnings.
The fee records coincide with heightened interest in memecoins and a significant price fluctuation for the Solana token, which recently reached $242, its highest value since November 2021. More notably, a memecoin named Peanut (PNUT) soared over 2,700% in the last couple of weeks, peaking at $2.4 billion on Nov. 14.
Solana’s largest memecoin, Dogwifhat, also attracted significant attention as it was listed on the Coinbase crypto exchange on Nov. 15. This listing temporarily catapulted it to a new six-month high of $4.19.
This recent activity evidences the pronounced Solana token growth. Despite supply inflation, its price has risen above $240. With a current market capitalisation of $112 billion, it marks a 44% increase from its previous all-time high of $77 billion as recorded on Nov. 6, 2021.