As a seasoned crypto investor with a knack for spotting promising trends, I’ve been closely watching Solana’s meteoric rise. The meme coin mania has indeed given Solana a significant boost, turning it into what some call the ‘Ethereum killer.’
The frenzy surrounding meme coins contributed significantly to Solana, often referred to as Ethereum‘s rival, amassing an unprecedented sum of transaction fees and income.
In a span of 24 hours, the widely used proof-of-stake blockchain accumulated fees worth approximately $11.8 million, outpacing Ethereum’s ($6.32 million) earnings as per data from Defi Llama.
In the same period, Solana (SOL) produced an impressive $5.9 million in earnings, setting a new record high. According to Defi Llama data, this makes it the second highest earner, trailing only Tether’s $13.3 million revenue over the last day on the layer-1 network.
Significantly, the total value locked in Solana’s decentralized finance sector currently stands at approximately $8.35 billion, as reported by Defi Llama.
In addition, Raydium, the top decentralized exchange on what’s often referred to as an Ethereum competitor, is currently at the head of the pack with approximately $15 million in fees over a 24-hour period. Known for its low fees, this DEX platform is bringing in around $1 million per day, based on data from an aggregator.
It’s apparent from the data that Pump.fun, the meme coin launchpad on the Solana network, broke its own record by earning an impressive $2.4 million in a single day. This revenue figure exceeded Bitcoin‘s (BTC) daily earnings of $2.3 million.
The high investor interest in Raydium and Pump.fun suggests that Solana’s revenue growth could be mostly triggered by the meme coin trend on the network.
Over the past year, Solana experienced a remarkable surge of 295%, making it the fourth-biggest cryptocurrency in the market, boasting a market capitalization of approximately $113 billion. It’s nearly reaching Tether (USDT), which currently stands at around $128.8 billion in value.
In the last day, the price of SOL dipped by 1.8%, having previously reached a high of $247 since November 2021. Currently, it is being traded at $238, representing an 8.7% difference from its all-time high (ATH) of $260.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- OREO Unveils Six New Products for 2025
- XRP Price Eyes $2 Support Level Amidst Market Correction
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- PYTH PREDICTION. PYTH cryptocurrency
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- BlackRock’s IBIT ETF Surpasses 300K BTC Milestone
2024-11-20 13:46