Summary: Meme coins are infamous for their sudden popularity and drastic fall in short period of time. However, this time the craziness for meme coin has pushed Solana to a new all time high in fees and revenue. The blockchain managed to surpass one of the crypto giants Ethereum in daily feels and set new records.
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Meme Coins Fuel Solana’s Boom
According to Defi Llama, Solana earned $11.8 million in daily fees, more than Ethereum did ($6.32). Due in large part to the meme coin craze, the network also generated a record $5.9 million in revenue each day. Sites such as Pump.fun, a meme coin launchpad based in Solana, made a substantial contribution and made $2.4 million in a single day.
Raydium Takes the Lead
Raydium, Solana’s top decentralized exchange, played a pivotal role by generating over $1 million in daily revenue. Its low fees and high activity reflect the growing appeal of Solana’s DeFi ecosystem, which now boasts a total value locked (TVL) of $8.35 billion.
Solana Nears ATH Amid Rally
SOL’s market capitalization has increased by 295% in the last year, to $113 billion, which is getting closer to USDT’s $128.8 billion. As evidence of its tenacity and development potential, Solana is just 8.7% away from its all-time high of $260, despite a minor decline to $238.
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