- Solana network activity hits record highs, driven by memecoin trading and the strong performance of platforms like Raydium and Jito.
- Memecoins like PNUT and WIF boost Solana’s popularity, achieving rapid growth and driving transaction and revenue milestones.
Driven by memecoin popularity, Solana has seen an historic increase in network activity. Solana’s daily income on October 24, 2024, was $3.81 million; her total transaction fees came to $7.63 million. These numbers show the network’s strong performance among a memecoin trading frenzy attracting worldwide attention.
Memecoin Propel Solana’s Record-Breaking Network Activity
With transaction costs of $11.79 million on November 17, 2024, Raydium, Solana’s biggest decentralized exchange (DEX), reached a historic high. Generating $7.89 million in transaction fees, Jito, a liquid staking system on Solana, ranked third-highest day performance in its history that same day.
A memecoin launch site, Pump.fun, also announced daily income of $1.65 million, ranking ninth in single-day revenues.
Driven in especially by the popularity of memecoins like Peanut (PNUT) and Dogwifhat (WIF), this rise in activity demonstrates the network’s growing traction. Two weeks saw an incredible 2,700% gain in PNUT, which on November 14, 2024, has a market cap of $2.4 billion.
WIF, meantime, peaked at $4.19 after its Coinbase launch on November 15, 2024, therefore confirming Solana’s supremacy in the memecoin market.
Solana’s low transaction fees and scalability have particularly drawn projects moving from other blockchains to be appealing. Aiming to profit from the explosive memecoin trading environment and cost efficiency of the blockchain, CNF previously noted that CAT Token is transferring from the BNB Chain to Solana.
As Meme transactions are hot, Solana’s fees reached $11.84 million and revenue reached $5.92 million, setting a new single-day record; Solana’s largest DEX Raydium’s fees approached $15 million for two consecutive days, with daily revenue of about $1 million; Solana MEV…
— Wu Blockchain (@WuBlockchain) November 20, 2024
These events line up with Solana’s native token, SOL, which was trading at $237.60 at the time of writing and showed a 14.43% rise over the last 7 days, and Solana’s market cap has passed $110 billion.
Solana keeps setting records as memecoin transactions account for most activity; single-day fee highs of $11.84 million and revenues of $5.92 million abound.
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