The Solana blockchain witnessed an extraordinary surge in activity over the last 24 hours, driven by memecoin speculation and soaring token prices. According to DeFi analyst Patrick Scott, five of the top 10 protocols by fees in the last day were Solana-based, signaling renewed enthusiasm for the network.
Raydium, an automated market maker, recorded a staggering $11.31 million in fees on November 17, marking a new high. Jito, a liquid staking protocol, followed closely with its third-highest revenue day, collecting $9.87 million. Meanwhile, pump.fun, a memecoin launchpad, netted $1.65 million, its seventh-highest daily earnings to date.
Trading bots on Solana also cashed in on the frenzy, with Photon generating $2.36 million in fees, its fifth-best day ever. The boom in activity coincides with Solana’s native token (SOL) climbing to $242 — its highest price since November 2021.
Memecoins Drive Speculation and Token Listings
Memecoins played a significant role in this activity spike. Peanut (PNUT), a memecoin inspired by squirrels, skyrocketed by over 2,700% in just two weeks, reaching a valuation of $2.4 billion by November 14. This was partially fueled by Elon Musk’s endorsements on X, as well as the launch of the Department of Government Efficiency — a new U.S. government agency that shares an abbreviation with Dogecoin’s ticker (DOGE).
Another Solana-based memecoin, Dogwifhat (WIF), received a listing on Coinbase on November 15, propelling its price to a six-month high of $4.19. Meanwhile, DOGE itself rallied over 140% in the past two weeks, underscoring the ripple effects of memecoin mania across the crypto market.
Solana Nears All-Time High Despite Inflation
SOL is currently trading at $234, just 8.5% shy of its all-time high of $259 set in November 2021. However, the token’s market capitalization has grown substantially, now standing at $112 billion — a 44% increase compared to its previous high.
This rise is attributed to Solana’s inflationary schedule, which rewards stakers with newly minted tokens. The network’s inflation rate currently sits at 4.9% but is designed to decline by 15% annually, according to SolanaCompass data.
The combination of robust memecoin activity, increasing fees, and strong token performance signals that Solana is positioning itself as a leading player in the rapidly evolving crypto landscape.
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