Solana network activity hits record highs, driven by memecoin trading and the strong performance of platforms like Raydium and Jito.
Memecoins like PNUT and WIF boost Solana’s popularity, achieving rapid growth and driving transaction and revenue milestones
Driven by memecoin popularity, Solana has seen an historic increase in network activity. Solana’s daily income on October 24, 2024, was $3.81 million; her total transaction fees came to $7.63 million. These numbers show the network’s strong performance among a memecoin trading frenzy attracting worldwide attention.
Memecoin Propel Solana’s Record-Breaking Network Activity With transaction costs of $11.79 million on November 17, 2024, Raydium, Solana’s biggest decentralized exchange (DEX), reached a historic high. Generating $7.89 million in transaction fees, Jito, a liquid staking system on Solana, ranked third-highest day performance in its history that same day.
A memecoin launch site, Pump.fun, also announced daily income of $1.65 million, ranking ninth in single-day revenues.
Driven in especially by the popularity of memecoins like Peanut (PNUT) and Dogwifhat (WIF), this rise in activity demonstrates the network’s growing traction. Two weeks saw an incredible 2,700% gain in PNUT, which on November 14, 2024, has a market cap of $2.4 billion. WIF, meantime, peaked at $4.19 after its Coinbase launch on November 15, 2024, therefore confirming Solana’s supremacy in the memecoin market.
Solana’s low transaction fees and scalability have particularly drawn projects moving from other blockchains to be appealing. Aiming to profit from the explosive memecoin trading environment and cost efficiency of the blockchain, CNF previously noted that CAT Token is transferring from the BNB Chain to Solana.
"As Meme transactions are hot, Solana's fees reached $11.84 million and revenue reached $5.92 million, setting a new single-day record; Solana's largest DEX Raydium's fees approached $15 million for two consecutive days, with daily revenue of about $1 million; Solana MEV… — Wu Blockchain (@WuBlockchain) November 20, 2024"
These events line up with Solana’s native token, SOL, which was trading at $237.60 at the time of writing and showed a 14.43% rise over the last 7 days, and Solana’s market cap has passed $110 billion.
Solana keeps setting records as memecoin transactions account for most activity; single-day fee highs of $11.84 million and revenues of $5.92 million abound.

$SOL $PEPE $PNUT #Memecoin

- A List of Hot Memecoins Listed in 2024

7-Day increase in hot #Memecoins
$ACT 🚀+2,792%
$PNUT 🚀+1,625%
$MIGGLES 🚀+130%
...

Which #Memecoin is on top of your watchlist? 👇

November 15, 2024 | 6thTrade

The Shiba Inu ($SHIB ) community is buzzing with mixed emotions as the popular dog-themed memecoin faces a potential turning point. After a stunning 80% rally earlier in November, SHIB's momentum has slowed, undergoing a sharp correction of over 20% and settling into a consolidation phase. Now, a massive 4 trillion $SHIB whale transfer—valued at approximately $99 million—has sparked fears of a possible sell-off, adding fuel to speculation about SHIB’s next move.

📉 Shiba Inu’s Current Price Landscape

SHIB’s recent price action shows signs of indecision. The formation of a “spinning bottom” candlestick pattern hints that the previous bullish momentum may be waning. This classic pattern often signals market indecision, leaving traders unsure of the next direction.

At present, $SHIB is hovering around a critical support level of $0.00002100. A drop below this threshold could lead to more substantial declines, potentially challenging SHIB’s ability to recapture its bullish momentum. However, some investors remain optimistic, hoping SHIB will consolidate at this level and build a foundation for future growth.

To reignite buying interest and rally further, SHIB must overcome a critical resistance level at $0.00002350. A breakout above this mark could attract fresh buying, potentially propelling SHIB to new highs.

🐋 Whale Alert: 4 Trillion SHIB on the Move

In a development that has shaken market sentiment, a whale recently transferred 4 trillion SHIB—worth about $99 million—into a new, unidentified wallet. According to Whale Alert, the transfer occurred at an average price of $0.00002475.

The sender's wallet is among the largest SHIB holders, controlling over 7 trillion SHIB, nearly 1% of the token’s total supply. On the other hand, the receiving wallet is relatively new, with a sparse transaction history, raising concerns about whether the recipient intends to sell.

Such large movements by major holders often stir anxiety, as they can signal an impending sell-off. A sudden influx of SHIB into the market could increase selling pressure, potentially causing a rapid decline in price.

🔮 What Lies Ahead for Shiba Inu?

Following a 24% retracement from its recent high of $0.00003030, SHIB remains approximately 22% above its weekly low. Its price chart now shows a descending triangle pattern, often viewed as a precursor to significant price movement.

Should SHIB break upward from this pattern, it could aim for new highs, potentially targeting $0.000033. However, if SHIB fails to hold support above $0.000023, the token may face additional declines, with the possibility of testing the $0.000020 level.

📊 Key Levels to Watch

Support Level: $0.00002100 – A crucial threshold; falling below could lead to further decline.

Resistance Level: $0.00002350 – Breaking above could trigger renewed buying interest.

Potential Upside Target: $0.000033 – If bullish momentum resumes, this level may come into play.

🚀 Will SHIB Bounce Back or Face Further Pressure?

The coming days will be crucial for SHIB investors. As the market braces for SHIB’s next move, all eyes are on these critical support and resistance levels. Will SHIB find its footing and stage a comeback, or will it succumb to increased selling pressure? Only time will tell.

Stay updated as we continue to monitor the market for the latest developments in SHIB’s journey. 🐶🚀