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    Record earnings for Solana-based projects amid meme cryptocurrency boom

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    Several projects built on the Solana blockchain are experiencing record earnings, boosted by the recent popularity of meme cryptocurrencies. Raydium, Jito, pump.fun, and Photon all enjoyed significant fee earnings on November 17. These high earnings are due to increasing interest in meme cryptos and the surging price of Solana’s native token, SOL. Top performers include Peanut, which gained over 2700% in the past two weeks, and Dogwifhat, which reached a six-month high following its listing on Coinbase. The total value of Solana has now reached about $112 billion.

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    Apps built on Solana have been hitting record highs in terms of fees and earnings over the last 24 hours, getting a boost from the recent popularity of meme cryptos. This info comes from a Tweet posted by Patrick Scott, a DeFi pundit, who referenced data from DefiLlama showing that half of the top 10 most expensive protocols in the last day are on Solana.

    Raydium, a market maker on Solana, has made a record high of $11.31 million in fees on November 17. On the same day, Jito, a liquid staking protocol, also saw its third-best day ever with fees reaching $9.87 million.

    Meme coin launchpad pump.fun had its seventh-best earning day ever, making $1.65 million in fees. And Photon, a trading bot that deals in Solana meme coins on Telegram, had its fifth-best earning day, pulling in about $2.36 million in fees.

    These impressive numbers are due to a renewed interest in meme cryptos and a significant increase in the price of the Solana token (aka SOL), which recently surged to $242 — the highest it’s been since November of last year.

    For example, Peanut (PNUT), a meme coin themed around a squirrel, skyrocketed by over 2700% in the past two weeks, reaching an all-time high valuation of $2.4 billion on November 14. This surge was partially thanks to Elon Musk giving the coin several shout-outs.

    The most popular meme coin on Solana, Dogwifhat (WIF), got listed on US crypto exchange Coinbase on November 15. This helped it reach a new six-month high of $4.19.

    Meanwhile, the US is launching a new government agency called the Department of Government Efficiency under incoming President Donald Trump. This happens to share the same abbreviated name as the ticker for meme coin Dogecoin (DOGE), which also saw a bump of over 140% in the past two weeks.

    In spite of the overall increase in the supply of SOL tokens, the price of Solana currently sits at around $234 per unit, just 8.5% off its record high of $259. The total market value of Solana is now at about $112 billion, which is a 44% rise since it hit its last record high of $77 billion on November 6.

    The number of Solana tokens in circulation has continued to grow thanks to its schedule for issuing new tokens, which is intended to incentivize token holders to keep staking their holdings. At the time of writing, Solana’s inflation rate is about 4.9% and it drops by 15% per year.

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