Decentralized applications (DApps) on the Solana blockchain have hit new revenue highs in the past 24 hours, driven largely by the meme coin craze. Five of the top ten protocols by revenue run on the Solana blockchain, and the surge shows the ecosystem’s strong growth momentum amid a speculative boom and price swings in its native token, SOL.
Solana leads revenue rankings
According to the latest data from DeFiLlama, five of the top ten crypto protocols by revenue in the past 24 hours were from the Solana ecosystem.
Raydium: Automated market-making protocol Raydium recorded a staggering $11.79 million in fees on November 17
Jito: Liquid staking protocol Jito set a record for the third highest daily fee, reaching $7.89 million
Meme coin platform drives Solana revenue growth
Meme coin craze drives revenue growth for Solana platform:
Pump.fun: Meme coin issuance platform Pump.fun generated $1.65 million in fees, setting a new record for its seventh-highest revenue.
Photon: Telegram-based Solana meme coin trading bot Photon recorded $2.36 million in fees, marking its fifth-highest performance in history.
Peanut (PNUT) Effect: Meme Coin Takes the Spotlight
Meme coins have become a core driver of activity in the Solana ecosystem, with recent issuances attracting widespread attention:
Peanut: Meme coin Peanut (PNUT) surged 2,700% in two weeks, reaching a $2.4 billion valuation on November 14. Its rise was fueled by frequent mentions of Elon Musk on Twitter and the establishment of a new U.S. government department, the Department of Government Effectiveness (DOGE).
(The squirrels who campaigned for Trump also issued coins! PNUT, a meme coin born out of the US animal welfare controversy, soared by more than 600%)
Dogwifhat: Solana’s largest meme coin, Dogwifhat (WIF), was listed on Coinbase on November 15. The listing pushed its price to a half-year high of $4.19, showing growing interest from U.S. traders.
(Trump nominates Musk and Ramaswamy to lead the "Department of Government Efficiency DOGE" to reshape the government structure)
Solana token hits two-year high, SOL becomes third largest currency
Among the activities driven by meme coins, Solana’s native token SOL performed well. On November 17, SOL rose to $242, its highest price since November 2021, and is currently trading at $234, just 8.5% below its all-time high of $259.
Solana's market cap now stands at $115 billion, up 44% from its previous high of $77 billion in November 2021. Although the inflation rate is 4.9%, Solana’s annual inflation rate is reduced by 15% annually, a mechanism designed to stabilize the token economy in the long term.
The resurgence of memecoin speculation has energized the Solana ecosystem, highlighting its scalability and low transaction costs. From innovative trading bots to high-fee staking protocols, Solana continues to demonstrate its adaptability and resilience in the ever-evolving cryptocurrency landscape.
This article SOL becomes the third largest currency! Solana DApp revenue soars, meme currency craze returns first appeared on Chain News ABMedia.
