Solana, one of the leading blockchain networks, is making headlines with an amazing surge in fees and revenue, fueled by the rising popularity of meme transactions as per Wu Blockchain. These developments raise a question: could this momentum push Solana toward a new all-time high (ATH)?
As Meme transactions are hot, Solana’s fees reached $11.84 million and revenue reached $5.92 million, setting a new single-day record; Solana’s largest DEX Raydium’s fees approached $15 million for two consecutive days, with daily revenue of about $1 million; Solana MEV…
— Wu Blockchain (@WuBlockchain) November 20, 2024
Unprecedented Fee and Revenue Records
In a single day, SOL ecosystem recorded total fees of $5.92 million, marking a historic milestone. This surge was largely driven by the hype around meme token transactions, which have attracted massive activity across the blockchain network.
Adding to the excitement, SOL ecosystem’s largest decentralized exchange (DEX), Raydium, has consistently generated $15 million in fees for two consecutive days, with daily revenue hitting $1 million. This performance indicates Raydium’s dominant role in driving liquidity and trading volume within the SOL ecosystem.
Meanwhile, Solana’s MEV (Maximum Extractable Value) infrastructure, Jito, set its own record with fees reaching $15.55 million and revenue climbing to $622,000. These figured indicate the growing adoption of advanced infrastructure that maximizes transactions efficiency on the network.
Further supporting SOL ecosystem, the meme launch tool Pumpfun, achieved a single-day record of $2.46 million in fees and revenue, highlighting the network’s versatility in catering to niche yet high-demand use case.
Solana’s Path to $300 Mark?
These record-breaking metrics reflect Solana’s ability to scale during periods of increased activity, a critical factor in driving user trust and investor confidence. As SOL ecosystem solidifies its position as a high-performance blockchain, these developments could attract new users and institutional investors, increasing demand for SOL token.
At press time, the price for $SOL stands at $238.42 with a market capitalization of approximately $113 billion as per CoinMarketCap.
If the blockchain can sustain this momentum and capitalizes on the growing ecosystem, the possibility of reaching $300 mark seems increasingly believable.
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Source: https://www.cryptonewsz.com/solana-memecoin-surge-cause-sol-price-hit-300/