Record Daily Fees Propel Solana to December 2021 Highs

On the morning of November 18, Solana’s price surged past $245, a level last seen in December 2021. This was driven by the network’s highest-ever fees, totaling $9.3 million.

The surge in network activity was fueled by renewed interest in memecoins.

On November 17, crypto influencer Patrick Scott noted that five of the top ten protocols by fees in the past 24 hours were linked to Solana.

Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.

This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j

— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 17, 2024

According to current data, the highest revenues were recorded by:

• DEX Raydium — a record $13.37 million;
• liquid staking protocol Jito — $7.89 million;
• memecoin trading Telegram bot Photon — $2.36 million;
• memecoin launch platform Pump.fun — $1.65 million.

In the last 24 hours, SOL increased in value by 1.5%, and over the past week by 17.4%. At the time of writing, the asset is trading at $242.47. The ATH was recorded at $259.9.

The leading memecoin on Solana, dogwifhat (WIF), fell by 4.9% over the day.

Among the tokens launched on Pump.fun, eight out of ten showed positive dynamics in the last 24 hours according to observations.

Earlier, on November 13, the memecoin Peanut the Squirrel (PNUT) quadrupled in value within a day.

Previously, VanEck highlighted the high chances of Solana-ETF approval by the end of 2025. In June, the company filed an application with the SEC to launch the product.