Solana

Memecoin

Photon

Peanut

The Solana blockchain witnessed an extraordinary surge in activity over the last 24 hours, driven by <a href="https://thecoinrise.com/donk-meme-a-solana-meme-coin-set-to-launch-the-first-meme-dao-proof-of-stake-leaderboard/" rel="noopener noreferrer nofollow">memecoin speculation and soaring token</a> prices. <a href="https://x.com/Dynamo_Patrick/status/1858231122456351215" rel="noopener noreferrer nofollow">According</a> to DeFi analyst Patrick Scott, five of the top 10 protocols by fees in the last day were Solana-based, signaling renewed enthusiasm for the network.
Raydium, an automated market maker, recorded a staggering $11.31 million in fees on November 17, marking a new high. Jito, a liquid staking protocol, followed closely with its third-highest revenue day, <a href="https://defillama.com/fees/simple" rel="noopener noreferrer nofollow">collecting</a> $9.87 million. Meanwhile, pump.fun, a memecoin launchpad, netted $1.65 million, its seventh-highest daily earnings to date.
Trading bots on Solana also cashed in on the frenzy, with Photon generating $2.36 million in fees, its fifth-best day ever. The boom in activity coincides with Solana’s native token (SOL) climbing to $242 — its highest price since November 2021.
<h2 id="span-style-font-weight-400-memecoins-drive-speculation-and-token-listings-span">Memecoins Drive Speculation and Token Listings</h2>
Memecoins played a significant role in this activity spike. Peanut (PNUT), a memecoin inspired by squirrels, skyrocketed by over 2,700% in just two weeks, reaching a valuation of $2.4 billion by November 14. This was partially fueled by Elon Musk’s endorsements on X, as well as the launch of the Department of Government Efficiency — a new U.S. government agency that shares an abbreviation with Dogecoin’s ticker (DOGE).
Another <a href="https://thecoinrise.com/tethers-influence-on-dogwifhat-a-stablecoins-role-in-meme-coin-success/" rel="noopener noreferrer nofollow">Solana-based memecoin, Dogwifhat (WIF)</a>, received a listing on Coinbase on November 15, propelling its price to a six-month high of $4.19. Meanwhile, DOGE itself rallied over 140% in the past two weeks, underscoring the ripple effects of memecoin mania across the crypto market.
<h2 id="span-style-font-weight-400-solana-nears-all-time-high-despite-inflation-span">Solana Nears All-Time High Despite Inflation</h2>
SOL is currently trading at $234, just 8.5% shy of its all-time high of $259 set in November 2021. However, the token’s market capitalization has grown substantially, now standing at $112 billion — a 44% increase compared to its previous high.
This rise is attributed to Solana’s inflationary schedule, which rewards stakers with newly minted tokens. The network’s inflation rate currently sits at 4.9% but is designed to decline by 15% annually, according to SolanaCompass <a href="https://solanacompass.com/tokenomics#:~:text=Solana's%20annual%20inflation%20rate%20is,decrease%20by%2015%25%20every%20year." rel="noopener noreferrer nofollow">data</a>.
The combination of robust memecoin activity, increasing fees, and strong token performance signals that Solana is positioning itself as a leading player in the rapidly evolving crypto landscape.
The post <a href="https://thecoinrise.com/solana-ecosystem-surges-amid-memecoin-mania-and-record-revenue/" rel="noopener noreferrer nofollow">Solana Ecosystem Surges Amid Memecoin Mania and Record Revenue</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Solana Ecosystem Surges Amid Memecoin Mania and Record Revenue

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