Meme Coin Mania Fires Solana Apps To Record Fees And Revenues

Updated: 18 November 2024

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Apps on the Solana blockchain hit record fees and revenues in the last 24 hours, driven by a surge in activity amid a new wave of meme coin mania following Donald Trump’s election win.

Five out of the top 10 protocols in terms of fees in the last 24 hours were on Solana, according to a Nov. 18 post on X by Patrick Scott, who cited data from DefiLlama.

The meme coin sector surged another 3.5% to hit a market capitalization of $126 billion in the past day, adding to turbocharged gains last week.

Raydium Sets A New Fee Record

Raydium, the Solana-based market maker, achieved a record $11.31 million in fees on Nov. 17. Liquid staking protocol Jito also saw a surge in activity during the same day, pushing the decentralized platform’s daily fees to $9.87 million. This marked Jito’s third-highest day of fees as well.

Raydium is generating $219MM of annualized protocol revenue. Right now the market is mostly taking a barbell approach (majors and AI/memes) but when the fundamentals/growth are so wild like this it can't be ignored. Just needed a SOL breakout for liftoff. Already up 26% today pic.twitter.com/sKAXegYo9o

— Austin Barack (@AustinBarack) November 17, 2024

Pump.fun, the popular Solana meme coin launchpad, registered its seventh-highest 24-hour revenues yesterday after it netted $1.65 million in fees.

Meanwhile, Solana meme coin Telegram trading bot Photon was the seventh-highest earning product overall on Nov. 17. It also recorded its fifth-highest day of fees after generating $2.36 million yesterday.

Solana Tokens Lead Revived Meme Coin Mania

Meme coins on Solana surged more than 6% in the past 24 hours, led by smaller-cap tokens.

HahaYes (RIZO) emerged as the top 24-hour performer after its price surged 387% to trade at $0.00008963 as of 3:40 a.m. EST. This was a continuation of its impressive weekly performance, which was pushed to over 5,563% following the recent gain.

Dasha (VVAIFU) and Top Hat (HAT) took second and third places, respectively. VVAIFU soared 153%, while HAT posted a 107% 24-hour gain.

Solana meme coin leaders Dogwifhat (WIF) and Bonk (BONK) were unable to capitalize on the recent hype. WIF plunged over 6% in the last 24 hours, while Bonk saw its price drop 2%.