Solana’s Record-Breaking Fees and Revenue

The meme coin mania has played a significant role in Solana’s surge in fees and revenue, with the popular proof-of-stake blockchain collecting a record amount of fees in 24 hours.

Record Fees and Revenue

According to data from Defi Llama, Solana collected $11.8 million in fees in 24 hours, surpassing Ethereum’s $6.32 million. This marks a new all-time high for the layer-1 network.

Furthermore, Solana generated $5.9 million in revenue in the same timeframe, further solidifying its position as a leading blockchain platform.

The decentralized finance total value locked (TVL) on Solana has also reached an impressive $8.35 billion, per Defi Llama.

Leading the Pack

Raydium, the largest decentralized exchange (DEX) on the Solana network, is currently leading the pack with over $15 million in 24-hour fees. The DEX platform has generated a daily revenue of roughly $1 million, according to the data aggregator.

Meme Coin Mania

The high investor interest in Raydium and Pump.fun, a Solana-based meme coin launchpad, suggests that Solana’s revenue growth could be mostly triggered by the meme coin trend on the network.

Data shows that Pump.fun generated a single-day record revenue of $2.2 million, surpassing Bitcoin’s $2.3 million. This highlights the growing popularity of meme coins on the Solana network.

Market Cap and Price

Solana has recorded a 295% rally over the past year to become the second-largest crypto asset in the sector, with a $113 billion market cap. It is getting close to USDT’s $128.8 billion value.

The SOL price has seen a slight dip, falling 1.8% in the past 24 hours after reaching $247 for the first time since November 2021. The asset is trading at $238 at the time of writing, only 8.7% away from its all-time high (ATH) of $260.

By understanding the trends and factors driving Solana’s growth, investors can make informed decisions and stay up-to-date with the latest developments in the cryptocurrency market.

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