Meme Coin Mania Launches Solana Apps to Record Fees and Income

Applications on the Solana blockchain hit record fees and revenues over the past 24 hours, driven by a surge in activity amid a new wave of coin mania following Donald Trump’s election victory.

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

The meme coin sector surged another 3.5% to a market cap of $126 billion over the past day, adding to last week’s turbocharged gains.

Raydium sets new fee record

Solana-based market maker Raydium hit a record $11.31 million in fees on November 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 is also the third highest fee day for Jito.

Raydium generates $219 million in annualized protocol revenue. Right now the market is mostly taking a dumbbell approach (majors and AI/memes), but when the fundamentals/growth are so wild like this, it can’t be ignored. I just needed a SOL escape for takeoff. Already up 26% today pic.twitter.com/sKAXegYo9o

-Austin Barack (@AustinBarack) November 17, 2024

Pump.fun, the popular Solana coin launchpad, recorded its seventh highest 24-hour revenue yesterday after generating $1.65 million in fees.

Meanwhile, Telegram trading robot Solana meme coin Photon was the seventh highest-earning product on November 17. It also recorded its fifth highest fee day after generating $2.36 million yesterday.

Solana Tokens Lead Meme Coin Mania Revival

Meme pieces on Solana jumped more than 6% in the last 24 hours, led by smgo-cap tokens.

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

Dasha (VVAIFU) and Top Hat (HAT) took second and third place, respectively. VVAIFU soared 153%, while HAT posted a 107% gain over 24 hours.

Solana even coin leaders Dogwifhat (WIF) and Bonk (BONK) have not been able to capitalize on the recent hype. WIF plunged more than 6% in the past 24 hours, while Bonk saw its price drop 2%.

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