Airdrop Army

Solana’s DeFi playfield just went haywire, with memecoins igniting a fee bonanza. In the past 24 hours, Solana-based projects clocked eye-watering revenues. DeFi pundit Patrick Scott dropped bombshell numbers on X, leaning on DefiLlama data. It turns out, five out of the top ten protocols by fees are riding the Solana wave.

Raydium’s Bags Swell, Jito Rakes in Big Fees

Raydium, Solana’s AMM heavyweight, scored a massive $11.3 million in fees on Nov. 17. Jito, a liquid staking operator, didn’t lag too far behind, racking up $9.87 million. This kind of fee-churn isn’t just popping up outta nowhere. It’s all ’bout the memecoins gettin’ folks riled up.

Frenzied Speculation Fills the Memecoin Scene

Memecoins be making noise, and pump.fun—the memecoin incubator—was on fire, pulling in $1.65 million. Not to be outshone, Photon, the memecoin bot hustlin’ on Telegram, saw $2.36 million hit its wallet. Traders ain’t holdin’ back—chasin’ any token with a sniff of hype.

Peanut (PNUT) and Dogwifhat—Memecoins Steal the Limelight

Peanut (PNUT), a memecoin ridin’ high on a squirrel vibe, shot up 2,700% in just two weeks. It even tapped $2.4 billion market cap on Nov. 14, egged on by Elon Musk’s sly X shoutouts. Folks couldn’t resist the buzz, so they jumped in with both feet.

Then Dogwifhat, Solana’s wild memecoin, got a Coinbase nod on Nov. 15. That sent its price to a six-month zenith at $4.19. It’s clear—meme fever is taking hold, pullin’ the whole ecosystem along for the ride.

Solana’s SOL Token Bounces, Aims for ATH

SOL, the native token, soared to $242—the highest in almost two years—spurred by the memecoin boom. As memecoin chatter turned louder, SOL’s price followed suit. Adding to the mix, the U.S. government’s brand-new efficiency division, branded as DOGE, brought a meme-ish spark to the token’s bullish sentiment.

Solana’s market cap has fattened to $112 billion, leapfrogging the last all-time high by 44%. This is all tied to Solana’s tokenomics, rewarding stakers with fresh-minted SOL. Inflation’s clocking at 4.9%, set to taper 15% per year. Right now, SOL hangs tight at $234, with traders eyeing the peak of $259.