Solana

Raydium

Orca

Larix

Bonk

Jupiter

dogwifhat

<p>In a major achievement, Solana recently overtook Ethereum in daily network fees, generating $2.54 million in fees over a 24-hour period. This spike is attributed to Solana’s leading decentralized exchange, Raydium, which drove much of the network’s $3.41 million daily fee surge. This trend not only solidifies Solana’s reputation as a leading blockchain but highlights its expanding ecosystem, driven by user interest in decentralized finance (DeFi) and memecoins.</p><p>Nearly 47% of Solana’s recent monthly fees were generated from “<a href="https://www.crypto.com/glossary/degen" rel="noopener noreferrer nofollow">degen</a>” memecoin trading on Pump.fun, a memecoin launchpad. The platform contributed approximately $29.5 million in monthly fees as a new wave of memecoin launches on Solana drove frenzied trading and fee revenue. Although memecoins like Dogwifhat (WIF) have their risks, they continue to draw user interest, pushing Solana to rank among the top five blockchain fee-generating protocols.</p><h3 id="solana-s-market-cap-surpasses-paypal-and-eyes-wells-fargo">Solana’s Market Cap Surpasses PayPal and Eyes Wells Fargo</h3><p>Solana’s market capitalization recently reached $83.56 billion, surpassing PayPal. This remarkable rise has led some analysts to speculate about Solana’s trajectory and potential to surpass other significant players in traditional finance, such as Wells Fargo, whose market cap currently sits at $223 billion. Solana’s expanding ecosystem, combined with a rise in memecoin trading and significant institutional interest, has led to increased interest in the Layer-1 blockchain as it carves out its niche between traditional finance and the decentralized world.</p><h3 id="memecoins-like-dogwifhat-wif-gain-traction-bolstering-solana-s-growth">Memecoins like Dogwifhat (WIF) Gain Traction, Bolstering Solana’s Growth</h3><p>Solana’s memecoin scene, particularly with the rise of coins like <a href="https://coinmarketcap.com/currencies/dogwifhat/" rel="noopener noreferrer nofollow">Dogwifhat</a> (WIF), is adding to the excitement. WIF, the popular Solana-based meme coin, recently surged in value with analysts forecasting a potential rise to $3, driven by a combination of technical indicators and on-chain metrics. Bullish momentum continues to surround this token, with increased trader activity and heightened open interest signaling further growth for WIF.</p><h3 id="raydium-s-explosive-215-rise-amid-pump-fun-launchpad-buzz">Raydium’s Explosive 215% Rise Amid Pump.fun Launchpad Buzz</h3><p><a href="https://raydium.io/swap/" rel="noopener noreferrer nofollow">Raydium</a> (RAY), the top Solana-based DeFi protocol, has seen its token soar by 215% this year, boosted by the high activity on Pump.fun. Raydium continues to capture attention as one of Solana’s core DeFi platforms, especially as it benefits from the ongoing memecoin trend. The protocol could experience an influx of liquidity and greater participation from retail and institutional investors if Solana’s momentum continues, especially as it moves into what traders are calling “Uptober” for altcoins.</p><h3 id="what-lies-ahead">What Lies Ahead?</h3><p>With Solana’s high trading volumes, innovative <a href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow">DeFi solutions</a>, and traction in the memecoin market, the network is poised for potentially explosive growth in Q4 2024. Investors and analysts alike are watching closely as Solana continues to redefine the blockchain landscape, with eyes on the potential to break even larger milestones in the months ahead.</p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p><em>Source: </em><a href="https://icogemhunters.com/memecoins-and-massive-fees-is-solana-the-new-ethereum-killer/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Memecoins and Massive Fees: Is Solana the New Ethereum Killer?

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