Meme Coin Mania Boosts Solana’s Daily Revenue to New All-Time High

Solana, often referred to as an “Ethereum killer,” has achieved a record-breaking surge in revenue, largely driven by the current meme coin craze. The proof-of-stake blockchain platform generated a staggering $11.8 million in fees over the past 24 hours, surpassing Ethereum’s $6.32 million, according to data from Defi Llama.

In addition to the fee surge, Solana also posted a new all-time high in revenue, reaching $5.9 million during the same period. This places Solana just behind Tether, which recorded $13.3 million in revenue on the same day, as the second-largest blockchain in terms of revenue. Solana’s total value locked (TVL) in decentralized finance (DeFi) reached $8.35 billion, as reported by Defi Llama.

The surge in Solana’s revenue is being fueled by increased activity on its decentralized exchange (DEX), Raydium, which is the largest on the network. Raydium processed over $15 million in fees within 24 hours, contributing approximately $1 million in daily revenue. Additionally, Pump.fun, a Solana-based meme coin launchpad, set a record with $2.4 million in single-day revenue, surpassing Bitcoin’s revenue of $2.3 million on the same day.

This meme coin-driven interest is having a profound impact on Solana’s ecosystem. With the rise of meme coins like those launched on Pump.fun, Solana has seen a 295% rally in the past year, propelling it to the fourth-largest cryptocurrency by market capitalization at $113 billion — just behind Tether’s $128.8 billion.

Despite a recent 1.8% dip, Solana’s price remains close to its all-time high, having reached $247 for the first time since November 2021. As of now, Solana is trading at $238, only 8.7% below its ATH of $260, showing continued bullish momentum in the market.