The frenzy surrounding memecoins is not abating. Due to this, decentralized applications based on Solana achieved outstanding fee revenues in the last 24 hours. Patrick Scott is a defi expert according to on November 18, 5 of the 10 top-grossing cryptocurrencies operated on Solana.
A Raydium automatic market maker revenue set a record on November 17, as it was able to book 11.3 million dollars in fee revenue. On the same day, liquid staking protocol Jito also reported an outstanding fee of $9.87 million, its third highest daily earnings.
Memecoin startup platform pump.fun achieved $1.65 million in fees, its seventh biggest daily performance. Photon, a trading bot running on Telegram, generated $2.36 million in fees, its fifth-best day.
Increasing speculation around memecoins certainly contributed to the records. Solana’s native token, SOL, is also experiencing significant price movement. It recently rose to $246, reaching levels seen in November 2021.
In the memecoin market, the token “Peanut” (PNUT) has received special attention, increasing its value by more than 2,700% in the past two weeks, reaching a peak capitalization of $2.4 billion on November 14. Elon Musk has expressed his support for the token on social media several times, which has further contributed to its popularity. Dogwifhat (WIF), the largest Solana-based memecoin, was listed on Coinbase on November 15th, briefly setting a new six-month high of $4.19.
These events are a Solana ecosystem were also affected, especially from the point of view of inflation token issuance. SOL is currently trading around $240, just 7.9% off its all-time high of $259. Its market capitalization is $113 billion, which is 45% higher than the value of $77 billion in November 2021.
This rise is partly due to the inflationary issuance of Solana tokens, which rewards stakers with new SOL tokens. The current inflation rate is 4.9%, decreasing by 15% annually.
https://www.youtube.com/watch?v=videoseries