Solana

Donald Trump

Elon Musk

Solana-based decentralized finance applications (DApps) notched record fees and revenue activity in the last 24 hours amid an apparent return of memecoin mania. 
According to a Nov. 18 X <a data-ct-non-breakable="null" href="https://x.com/Dynamo_Patrick/status/1858231122456351215" rel="null" target="null" text="null" title="null">post</a> from decentralized finance (DeFi) commentator Patrick Scott, who cited DefiLlama data, five of the top 10 protocols by fees in the last 24 hours were on Solana.&nbsp;
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 <img alt="Solana-based DApps rake in record fees as memecoin frenzy returns" src="https://s3.cointelegraph.com/uploads/2024-11/01933cd8-42a6-7bc8-b86c-bd088450fc56" title="">
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 Five of the top 10 protocols by fees were on Solana on Nov. 17. Source: DefiLlama&nbsp;
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Solana-based automatic market maker Raydium notched a record $11.3 million in fees on Nov. 17, while liquid staking protocol Jito saw its third-highest day of fees at $9.87 million on the same day, per DefiLlama <a data-ct-non-breakable="null" href="https://defillama.com/fees/simple" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
Meanwhile, the memecoin launchpad pump.fun saw its seventh-highest day of earnings, netting $1.65 million in fees.&nbsp;
Photon, a Telegram trading bot for Solana memecoins, was the seventh-highest earning product, generating its fifth-highest day of fees on record at $2.36 million.
The record fees for several Solana protocols come amid a frenzy of speculation on memecoins and a major price move for the native Solana token (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>) itself, which pushed to $242 — its highest since November 2021.
A memecoin based on a squirrel called Peanut (PNUT) rallied over 2,700% in the last fortnight to reach a peak value of $2.4 billion on Nov. 14, as Elon Musk shilled the token <a data-ct-non-breakable="null" href="https://x.com/elonmusk/status/1852745739379658774" rel="null" target="null" text="null" title="null">several</a> times on X alongside the unofficial launch of the United States Department of Government Efficiency (DOGE).&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/odds-favor-solana-etf-2025-van-eck" rel="null" target="null" text="null" title="null">Odds favor Solana ETF in 2025: VanEck</a>
The largest Solana memecoin Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price-index" rel="null" target="null" text="null" title="null">WIF</a>) was listed on crypto exchange Coinbase on Nov. 15, sending it briefly to a new six-month high of $4.19 on the same day.&nbsp;
The new government efficiency agency under President-elect Donald Trump will bear the same abbreviation as the ticker of the memecoin Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tags/dogecoin" rel="" target="_self" text="null" title="https://cointelegraph.com/tags/dogecoin">DOGE</a>), which saw a significant rally over the last seven days and has climbed more than 140% in the last two weeks.&nbsp;
<h2 id="solana-pushes-above-240-despite-supply-inflation">Solana pushes above $240 despite supply inflation</h2>
SOL is currently trading at $234, only 8.5% away from reclaiming its all-time high price of $259. 
Notably, Solana is trading at a market capitalization of $112 billion, 44% higher than a $77 billion market cap at its previous all-time high on Nov. 6, 2021.
The increase in market cap comes from overall growth in the number of Solana tokens being issued as a part of its inflation schedule, which rewards stakers for their efforts with newly minted SOL tokens.
At the time of publication, Solana’s inflation rate is running at 4.9% and decreases at a rate of 15% per year, per SolanaCompass <a data-ct-non-breakable="null" href="https://solanacompass.com/tokenomics#:~:text=Solana's%20annual%20inflation%20rate%20is,decrease%20by%2015%25%20every%20year." rel="null" target="null" text="null" title="null">data</a>.&nbsp;
AI Eye: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/a-bizarre-cult-is-growing-around-ai-created-memecoin-religions-ai-eye/" rel="null" target="null" text="null" title="null">A bizarre cult is growing around AI-created memecoin ‘religions’</a>

Solana-based DApps rake in record fees as memecoin frenzy returns

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