The recent surge in activity surrounding Solana-based memecoins is shaking things up within the ecosystem. New data reveals a significant increase in fees for various decentralized applications (dApps) built on Solana, alongside continued positive momentum for SOL, the network’s native token.
Memecoins Fuel Fee Surge On Solana DApps
According to DeFiLlama, fees generated by Solana dApps have spiked dramatically. Raydium (RAY), a prominent Solana dApp, raked in an impressive $69 million in fees over the past week, landing it the second-highest earner behind Tether (USDT). Solana itself secured the third spot with over $49 million, with other dApps like Jito and Photon joining the top ten fee earners.
This rise in fees coincides with the growing popularity of memecoins like Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT) on the Solana network. At the time of writing, PNUT boasts a market capitalization exceeding $1.6 billion, while GOAT sits at a cool $1.1 billion. Both tokens have experienced significant surges in trading volume over the past 24 hours, indicating heightened user engagement and increased transaction activity within the Solana ecosystem.
Memecoin Market Cap on Solana Explodes
The combined market cap of Solana memecoins has witnessed remarkable growth, surging over 10% in the past 24 hours to a staggering $21.8 billion, according to CoinGecko. Dogwifhat (WIF) leads the pack with a market cap exceeding $3.7 billion, followed closely by Bonk (BONK) at $2.8 billion and PNUT in third place.
These memecoins haven’t just dominated the memecoin space; they’ve also seen significant increases in trading volume, highlighting growing user interest and activity. This rise in transaction volume contributes directly to the observed spike in fees across Solana’s ecosystem, further emphasizing the impact memecoins are having on the network.
Also Read: Can IOTA Outperform Solana and Sui? A Focus on Real-World Utility and Performance
Solana’s native token, SOL, continues its bullish run, climbing 4.48% to trade at $248.16 at the time of writing. The daily chart showcases SOL breaking through key resistance levels, supported by a surge in trading volumes exceeding 515,000. The Moving Average Convergence Divergence (MACD) indicator suggests sustained bullish pressure, while the Relative Strength Index (RSI) remains elevated at 76.77, hinting at a potential overbought condition but reinforcing the overall positive market sentiment surrounding SOL.
Memecoins and Bullish Market Drive Solana Forward
As the memecoin trend fuels activity across the Solana ecosystem, SOL appears well-positioned for further growth, backed by increased transaction volumes and network expansion. The combined impact of memecoins and bullish market conditions has undoubtedly solidified Solana’s uptrend, making it a project to watch closely in the ever-evolving cryptocurrency landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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