Solana’s decentralized applications (DApps) saw a surge in November, driven by the memecoin launch platform Pump.fun and the blockchain’s decentralized finance (DeFi) ecosystem.

Research platform Syndica reported that Solana-based DApps earned $365 million in revenue in November.

According to the data, Pump.fun became the first Solana DApp to surpass $100 million in monthly revenue.

Solana DApps revenue in 2024

Pump.fun November Revenue: $106 Million

Pump.fun earned $106 million in November, but faced criticism due to inappropriate content shared by its community via its livestreaming feature.

On November 25, the platform was criticized after reports surfaced of users allegedly engaging in or threatening acts of violence.

In response, the memecoin launch platform suspended its livestreaming feature indefinitely and pledged to work on improving its moderation system.

A week after halting the livestreams, the platform’s weekly revenue dropped by 66%, from $33.8 million between November 18 and 24 to $11.3 million in the last week of November.

Other major contributors to Solana’s DApp revenue included the token discovery platform Photon and the decentralized exchange (DEX) Raydium.

Solana Memecoin DApps Earns $509M in 2024

Memecoin DApps have earned the highest revenue among decentralized application categories on Solana in 2024. According to Syndica, memecoin DApps have generated $509 million in revenue this year, while Telegram bots earned $300 million and Spot DEXs brought in $141 million year-to-date.

Solana Memecoin DApps Generate $509 Million in Year-to-Date Revenue

Memecoin DApp revenues saw an increase of over 300 times in 2024. In January, memecoin applications on Solana earned approximately $600,000, and by November, this figure had surged to $183 million.

Overall, in 2024, 83.7% of Solana DApp revenues came from DeFi, 9.6% from wallets, and the remaining 6.5% came from infrastructure, NFTs, and gaming applications.

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Solana DApps Shine Amid Memecoin Frenzy

On November 17, Solana’s Raydium, an automated market maker, generated a record $11.31 million in fees. Similarly, the liquid staking protocol Jito recorded its third-highest daily fee earnings at $9.87 million. Memecoin-focused platforms also joined the surge, with pump.fun, a memecoin launchpad, netting $1.65 million in fees, marking its seventh-highest earning day.

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Additionally, Photon, a Telegram trading bot tailored for Solana-based memecoins, saw its fifth-highest daily fees at $2.36 million.

This spike in activity coincides with SOL, Solana’s native token, reaching a peak of $242, its highest price since November 2021. The Peanut (PNUT) memecoin, inspired by a squirrel mascot, skyrocketed over 2700% in two weeks, hitting a valuation of $2.4 billion on November 14. Notably, Elon Musk’s repeated mentions of Peanut on X amplified its popularity.

Key Milestones for Memecoins on Solana

The largest Solana memecoin, Dogwifhat (WIF), was recently listed on Coinbase, spiking to a six-month high of $4.19 on November 15. Meanwhile, the creation of the U.S. Department of Government Efficiency, with an abbreviation matching Dogecoin’s DOGE ticker, spurred additional gains for DOGE, which surged 140% over the past two weeks.

Currently trading at $234, SOL is within 8.5% of its all-time high of $259 set in November 2021. However, its market capitalization, now at $112 billion, has grown 44% from the previous peak of $77 billion. This growth aligns with Solana’s inflationary mechanism, rewarding stakers with newly minted SOL.

At present, Solana’s inflation rate is 4.9% and is programmed to decrease by 15% annually, according to SolanaCompass data.

As Solana solidifies its position in the blockchain space, the combination of high-performance DApps, a memecoin resurgence, and SOL’s market momentum underscores the network’s dynamic growth. The coming months may further illuminate Solana’s potential in the ever-evolving cryptocurrency landscape.

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