Solana Ecosystem Explodes as Memecoins Fuel Record Activity
Solana-based protocols saw record fee revenue, led by Raydium with $11.79 million and Solana with $7.06 million on Nov. 18, according to DefiLlama. Memecoin activity drove the growth, with pump.fun and Photon recording $1.65 million and $2.36 million, respectively. Solana’s native token, $SOL , hit $248, its highest level since 2021, while its market cap surged to $114.50 billion despite a 4.9% inflation rate. Notable memecoins include Dogwifhat$DOGS on Coinbase and Peanut$PNUT , which have surged 3,000%.
