Yigit Taha OZTURK 
Over the past 24 hours, Solana-based decentralized applications (DApps) have achieved record-breaking fee revenues, driven by renewed memecoin fervor. According to DefiLlama data, five of the top 10 crypto protocols by fee earnings during this period were built on the Solana blockchain.
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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