In the past 24 hours, Solana-based decentralized financial applications (DApps) have achieved record-breaking fees and revenues. This marks a significant resurgence of memecoin mania, shaking up the crypto market once again.

Solana DApps Dominate Fee Rankings

According to DefiLlama data shared by DeFi commentator Patrick Scott on November 18, five of the top ten highest-earning protocols currently belong to the Solana ecosystem. These remarkable achievements highlight Solana's growing strength and relevance in the broader DeFi landscape.

Among the top performers is the automated market maker Raydium, which generated $11.3 million in fees on November 17 – a record figure. Additionally, the liquid staking protocol Jito recorded its third-highest day ever with $9.87 million in revenue. Other notable performances include:

• Pump.fun: A memecoin launchpad that generated $1.65 million in fees, marking its seventh-best day ever.
• Photon: A Telegram trading bot for Solana memecoins, earning $2.36 million – its fifth-best day on record.

Memecoin Mania and the Rise of SOL

The spike in activity around Solana protocols is attributed to memecoin speculation and the impressive price surge of the native Solana token (SOL). On November 17, SOL hit $242, its highest level since November 2021. A standout player in this frenzy is Peanut (PNUT), a squirrel-inspired memecoin, which surged 2,700% in value over the past two weeks, reaching a peak market value of $2.4 billion on November 14.

Additionally, the listing of the memecoin Dogwifhat (WIF) on Coinbase on November 15 boosted its price to $4.19, a six-month high. The memecoin market gained further attention with the launch of a fictional "Government Efficiency" entity, a nod to the popular Dogecoin (DOGE), which itself saw a 140% rally over two weeks.

Solana's Market Position: Inflation and Growth

Despite its token supply inflation, Solana continues to perform strongly. SOL is currently trading at $234, just 8.5% shy of its all-time high of $259. Solana's market capitalization has risen to $112 billion, an impressive 44% increase from its previous peak in November 2021.

Solana's inflation rate, currently at 4.9%, decreases by 15% annually, according to SolanaCompass data. This inflation rewards stakers with newly minted tokens, contributing to the network's growth.

Conclusion

The recent performance of Solana protocols and the revival of memecoin speculation underscore Solana's potential as a leader in the crypto market. As the ecosystem expands, Solana continues to position itself as a powerhouse within DeFi and the broader blockchain industry.