As a seasoned crypto investor with a keen eye for emerging trends and a portfolio that mirrors a rollercoaster ride, I must admit, the recent surge in Solana-based apps and memecoins has me intrigued. The record fees and revenue activity in the last 24 hours, particularly on Solana, have been nothing short of astonishing.
In the past 24 hours, applications built on the Solana platform have seen a surge in transaction fees and earnings, possibly due to renewed excitement surrounding meme coins.
As per a recent post dated November 18th by financial analyst Patrick Scott specializing in decentralized finance, who referenced information from DefiLlama, it was found that over the past 24 hours, five out of the top ten protocols with the highest fees were running on Solana.
On November 17th, Raydium, an automatic market maker built on Solana, recorded a new high of $11.31 million in fees, while Jito, a liquid staking protocol, saw its third-highest fee day with a total of $9.87 million also on the same day, according to data from DefiLlama.
On this particular day, pump.fun, a platform for memecoins, recorded one of its top seven highest revenue days, earning approximately $1.65 million through transaction fees.
In simple terms, the Telegram trading bot named Photon, which specializes in Solana memecoins, ranked as the seventh top income generator and recorded its fifth biggest fee day ever, totaling approximately $2.36 million.
The charges associated with various Solana platforms are being levied during a period marked by intense anticipation regarding meme tokens and a significant surge in the value of the Solana token (SOL), causing it to reach $242, which is the highest it’s been since November 2021.
In the past two weeks, a memecoin named Peanut (PNUT) experienced a significant surge, jumping over 2700%. This increase propelled its peak value to an impressive $2.4 billion on November 14th. The momentum behind this token was bolstered by Elon Musk’s repeated endorsements on various platforms and coincided with the Department of Government Efficiency’s launch.
As an analyst, I experienced a significant event on November 15th when the popular Solana memecoin, Dogwifhat (WIF), was officially listed on the renowned U.S. crypto exchange, Coinbase. This listing propelled Dogwifhat to a new six-month peak of $4.19 on the same day.
Under President-elect Donald Trump, a newly established U.S. government agency called the Department of Government Efficiency shares an abbreviation with the popular memecoin Dogecoin (DOGE). Coincidentally, Dogecoin has experienced a substantial surge recently, rising over 140% in just the last fortnight.
Solana pushes above $240 despite supply inflation
Right now, the price of SOL stands at $234, which represents an almost 8.5% jump to get back to its highest recorded price of $259.
Significantly, Solana’s current market value stands at approximately $112 billion, representing a substantial increase of around 44% compared to its market capitalization of $77 billion, which was recorded at its all-time high on November 6, 2021.
The rise in Solana’s market capitalization is due to an expansion in the total amount of Solana tokens being distributed, according to its predetermined inflation plan. This distribution, which occurs as part of the reward system, gives out freshly created SOL tokens to stakers for their contributions.
According to SolanaCompass data, as of its latest release, the inflation rate for Solana stands at approximately 4.9%. This rate drops by about 15% every year.
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2024-11-18 04:53