The meme coin mania helped Solana — also called the Ethereum killer — accumulate a record amount of fees and revenue.
Notably, Solana’s decentralized finance total value locked has reached $8.35 billion, per Defi Llama.
The high investor interest in Raydium and Pump.fun suggests that Solana’s revenue growth could be mostly triggered by the meme coin trend on the network.
Solana recorded a 295% rally over the past year to become the fourth-largest crypto asset in the sector with a $113 billion market cap — getting close to USDT’s $128.8 billion value.
SOL fell 1.8% in the past 24 hours after reaching $247 for the first time since November 2021. The asset is trading at $238 at the time of writing — only 8.7% away from its ATH of $260.