Memecoin Pays Record Fees To Solana-Based DApps As Frustration Returns
Solana-based apps have recorded revenue and earnings activity in the past 24 hours following the return of memecoin mania.
According to a Nov. 18 X post from decentralized finance analyst Patrick Scott, who cited DiFilam data, five of the top ten payment protocols were on Solana in the past 24 hours.
Five of the top 10 protocols for payment were on Solana on November 17. Source: Defillama.
Solana-based automated market maker Radium hit a payout record of $11.31 million on Nov. 17, while liquid staking protocol Gito saw its third-highest payout day at $9.87 million on the same day, according to Defillama.
Meanwhile, memecoin launchpad pump.fun saw its seventh highest grossing day, earning $1.65 million in payouts.
Photon, the Telegram exchange for Solana memecoins, was the seventh highest-grossing product, registering $2.36 million, making it the fifth highest payout of the day.
The record fee for several Solana protocols has risen to $242 – the highest since November 2021 – on the back of speculation over memecoins and a major price movement for the main Solana token (SOL) itself.
A squirrel-based memecoin called Peanut (PNUT) rallied more than 2700% in the past two weeks, reaching a record high of $2.4 billion on November 14th. Efficiency.
Related: Odds favor Solana ETF in 2025: VanEck
The largest Solana memecoin Dogwifhat (WIF) was listed on the United States crypto exchange Coinbase on November 15, which briefly sent it to a new six-month high of $4.19 on the same day.
The Department of Government Efficiency is a new United States government agency under President Donald Trump, with the same name as the memecoin Dogecoin (DOGE) token, which has also seen a significant rally over the past seven days – climbing above all else. 140% in the last two weeks
Despite supply inflation, Solana pushes above $240.
SOL is currently trading at $234, just 8.5% away from reclaiming its previous high of $259.
Notably, Solana is trading at a capitalization of $112 billion, up 44% from its $77 billion market cap on November 6, 2021, an all-time high.
The increase in market value comes from the overall increase in the number of Solana tokens issued as part of an inflation program, where stakeholders are rewarded for their efforts with newly minted SOL tokens.
At the time of publication, Solana inflation is running at 4.9% and has decreased by 15% annually, according to SolanaCompass data.
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