In a remarkable turn of events, Solana, often dubbed the Ethereum killer, has witnessed a meteoric rise in its daily revenue, largely fueled by an ongoing meme coin mania. Within a mere 24 hours, Solana amassed an astonishing $11.8 million in fees, overshadowing Ethereum’s $6.32 million, according to data from Defi Llama.
This surge in revenue not only marks a new all-time high for Solana but also positions it as a strong contender in the blockchain ecosystem. The platform generated a remarkable $5.9 million in revenue, cementing its status behind Tether, which recorded $13.3 million in the same period.
Solana’s performance is a testament to its capabilities in the decentralized finance space, with total value locked (TVL) hitting $8.35 billion. Of particular note is Raydium, the largest decentralized exchange on Solana, which alone produced over $15 million in 24-hour fees. Its daily revenue of approximately $1 million reflects the platform’s growing traction and popularity.
Among the key players in this meme coin explosion is Pump.fun, a Solana-based meme coin launchpad that achieved a staggering single-day revenue of $2.4 million, outpacing Bitcoin’s $2.3 million. This phenomenon highlights how heightened investor interest in meme coins, such as BONK and DOGE, has significantly impacted Solana’s financial ecosystem.
As a result of this hype, Solana’s value has surged by an impressive 295% over the past year, propelling it to the fourth-largest cryptocurrency by market capitalisation with a valuation of $113 billion. The recent price adjustments saw Solana dropping by 1.8% after rallying to $247, a level not seen since November 2021, yet it maintains a robust trading value above $230.
Ultimately, this upward trajectory in revenue and market presence showcases not just Solana’s potential for growth but also the broader implications of meme coins in the cryptocurrency landscape.
