Solana-based decentralized finance (DeFi) applications recorded a surge in fees and revenue in the last 24 hours, driven by renewed memecoin mania.
According to a Nov. 18 post on X by DeFi commentator Patrick Scott, citing data from DefiLlama, five of the top ten protocols by fees were hosted on Solana during this period.
Raydium, a Solana-based automated market maker, reached a record $11.3 million in fees on Nov. 17.
Similarly, liquid staking protocol Jito recorded its third-highest daily fees at $9.87 million, while the memecoin launchpad pump.fun generated $1.65 million, marking its seventh-highest day of earnings.
Photon, a Telegram trading bot for Solana memecoins, also made the top ten, recording its fifth-highest daily fees at $2.36 million.
This spike in activity comes amidst speculation around memecoins and a significant price rally for Solana’s native token (SOL), which climbed to $242 — its highest level since November 2021.
One standout memecoin, Peanut (PNUT), saw a meteoric rise of over 2,700% in two weeks, reaching a $2.4 billion market cap on Nov. 14.
The token gained traction after Elon Musk mentioned it multiple times on X alongside the unofficial launch of the United States Department of Government Efficiency (DOGE).
Solana’s largest memecoin, Dogwifhat (WIF), was listed on Coinbase on Nov. 15, briefly hitting a six-month high of $4.19.
President-elect Donald Trump’s new efficiency agency shares its abbreviation with Dogecoin (DOGE), which has surged over 140% in two weeks.
Despite these developments, SOL is trading at $234, just 8.5% below its all-time high of $259.
Its current market capitalization stands at $112 billion, 44% higher than its previous peak in 2021, reflecting an increase in token issuance due to Solana’s inflationary staking rewards.
The inflation rate is currently 4.9% and decreases by 15% annually, according to SolanaCompass data.
