Five Protocols of Solana Break Record Amid Meme Coin Craze

• Solana-based apps record high fees and revenue activity following the meme coin craze.
• Raydium, an automatic market marker on Solana, recorded nearly $11.31M in fees.
• The fee surge spiked SOL to a new ATH, crossing $240, its highest since November 2021.

The Solana blockchain witnessed a series of developments in the market, largely driven by a surge in meme coin trading. On Sunday, Solana’s native cryptocurrency, $SOL, witnessed an uptick in fees and revenue, fueled by the growing popularity of meme coins. According to data from DeFiLlama, five of the top ten protocols by fees over the last 24 hours were based on Solana which shows the network’s development in the decentralized finance (DeFi) sector.

Automatic market maker Raydium made a record $11.31 million, followed by the liquid staking protocol Jito at $9.87 million. Further, Telegram Bot Photon came in the seventh spot with a record fee of $2.36 million, while Pump.fun, the meme coin launchpad witnessed $1.65M.  These figures reflect the demand of traders for meme coins, thereby highlighting its activity in the blockchain. 

Earlier this month, meme coins on the SOL platform, WIF, POPCAT, and BONK attracted traders. Further, PNUT emerged as the leading gainer of the week, with increased activity over the last seven days. As traders seek more profits, BONK, a prominent meme coin, surged by 30% to reach a new record high and may very well hit $1 by year-end.

The list of meme coins in Solana is incomplete without Dogwifhat (WIF), the largest meme coin on the chain. Following its listing on Coinbase,  WIF rapidly increased its value to above $4.19, an all-time trading high in over six months. However, at the time of writing, the WIF was trading at $3.60, facing a slight dip of 0.06% in the last 24 hours.

These developments brought the price of Solana to another record high of $240, the highest sought since November last year.  At the time of press, SOL is trading at $242 with a market cap of 114.85B and a 24-hour trading volume of $8.41B. Following its spike, market observers expressed their excitement on their X profile, with an analyst providing an offer of trading about 100 $SOL to one of his followers.

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