Solana-based dapps are back at the center stage, recording impressive fees in recent days.
On-chain data shows that several Solana dapps saw record revenue and fees over the weekend.
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Data from DefiLlama shows that 5 of the top 10 protocols by fees were Solana-based. Raydium, a popular AMM on Solana, raked in over $11 million in fees on November 17th.
Behind Raydium was Jito Protocol, a liquid staking platform with $9.87 million in fees.
Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.
This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 17, 2024
What’s behind this?
Solana’s recent resurgence is all thanks to a new wave of meme coin mania. Meme coins, driven by improved market sentiment caused by Donald Trump’s recent win, have seen a surge in market capitalization in recent days.
Recall that Solana-based meme coins took the market by storm earlier this year, recording explosive numbers. The new market surge appears to have triggered a resurgence in that part of the market. Mid-cap meme coins on Solana have surged by over 6% recently.
Just In:
$SOL market cap reaches a new all-time high!#Solana monthly total DEX volume surpasses $70B for the first time ever!
Solana is holding at $242 now!
Will Solana price double as dominance soars to new ATH?pic.twitter.com/OMumDnnW2H
— Akanksha Saxena (@Akanksha_as17) November 18, 2024
On the other hand, Solana has reached a major milestone, hitting its highest-ever weekly real economic value activity. This achievement highlights the growing adoption and use of Solana’s blockchain for real-world applications, including decentralized finance (DeFi), NFTs, and payment solutions. As developers and users flock to the platform, Solana’s record-breaking week solidifies its position as a major player in the crypto space, paving the way for further innovation and growth.
BREAKING: SOLANA HITS HIGHEST WEEKLY REAL ECONOMIC VALUE ACTIVITY IN ITS HISTORY pic.twitter.com/tdD7HBL0D1
— DEGEN NEWS (@DegenerateNews) November 18, 2024
Is a New ATH Next for SOL?
$SOL has pumped 54% in the last 30 days and 17% in the last 7 days alone. $SOL is only 5% away from its all-time high of 260.06, which it hit in the last bull run. Judging by its recent growth trend, crypto experts expect Solana to crush its previous ATH and establish a new one.
#Solana is evolving quickly
We will retest this old ATH
which is $260
It’s a matter of time before we hit the $300 goal
We will see in the coming months a $SOL at $300/$600
We bought during this accumulation at $145 I would not sell any of my #SOL before reaching $400 pic.twitter.com/E21znFJnxg
— TraderMv (@DBoardCrypt) November 17, 2024
Solana is no doubt profiting from the ongoing rally triggered by Donald Trump’s pro-crypto win. As previously mentioned, Solana’s ecosystem is also buzzing with growth. Pump.Fun, a meme coin launchpad on Solana, recently recorded $1.65 million in fees, its seventh-highest day of earnings.
Disclaimer
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The post Solana DApps Hit Record Fees Amid Memecoin Boom appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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