The Solana blockchain witnessed an extraordinary surge in activity over the last 24 hours, driven by memecoin speculation and soaring token prices.
Role of Memecoins in Speculation
DeFi analyst Patrick Scott noted that five of the top 10 protocols by fees were Solana-based. Raydium, an automated market maker, recorded fees of $11.31 million. Jito amassed $9.87 million in revenue, while pump.fun netted $1.65 million.
Memecoin Trend and Impact
Memecoin Peanut (PNUT) surged by 2700% in two weeks, reaching a valuation of $2.4 billion. Elon Musk supported this movement on the X platform. Dogwifhat (WIF) also received a listing on Coinbase, significantly boosting its value.
Solana Nears Record High
SOL is trading at $234, just 8.5% shy of its all-time high of $259. The increase in Solana's market capitalization is attributed to the network's inflation schedule, rewarding miners with new tokens.
The combination of robust memecoin activity, increasing fees, and strong token performance signals Solana's strengthening position in the rapidly evolving crypto landscape.
