Meme Coin Mania Fires Solana Apps To Record Fees And Revenues
Apps on the Solana blockchain hit record fees and revenues in the last 24 hours, driven by a surge in activity amid a new wave of meme coin mania following Donald Trump’s election win. Five out of the top 10 protocols in terms of fees in the last 24 hours were on Solana, according to a Nov. 18 post on X by Patrick Scott, who cited data from DefiLlama . The meme coin sector surged another 3.5% to hit a market capitalization of $126 billion in the past day, adding to turbocharged gains last week. Raydium Sets A New Fee Record Raydium, the Solana-based market maker, achieved a record $11.31 million in fees on Nov. 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 marked Jito’s third-highest day of fees as well. Raydium is generating $219MM of annualized protocol revenue. Right now the market is mostly taking a barbell approach (majors and AI/memes) but when the f...