On-chain activity on Solana continues to be buoyant thanks to memecoins, SOL price benefits
The current wave of growth in the cryptocurrency market is being led by Solana and the memecoins in this ecosystem.
On-chain statistics show that the Solana (SOL) network has just had another explosive week in terms of both value and activity in the ecosystem.
SOL price on November 17 increased to $242, the highest level since December 2021 and is only a short distance from the ATH peak of $260.
Since the US presidential election, SOL price has jumped more than 50% following the upward trend of Bitcoin, bringing the market capitalization of this currency to $112 billion, breaking the previous record of 2021.
The ecosystem's TVL is currently close to $8 billion, also approaching the ATH peak of $10 billion. Many opinions still believe that this network still has room to continue expanding thanks to the strength of the community, as well as eliminating bad elements in the past like FTX.
$SOL almost at ATHs on TVL
No FTX scam around this time, just pure network growth pic.twitter.com/CdfhPWAi4X
— gum (@0xGumshoe) November 17, 2024
Memecoin continues to be the driving force that helps Solana attract the attention of investors, with the ecosystem having up to 6 memecoins with a capitalization of over 1 billion USD, highlighted by the increases of BONK, WIF and PNUT last week.
NEW: THERE ARE NOW 6 SOLANA MEMECOINS WITH OVER $1 BILLION MARKET CAP FOR THE FIRST TIME EVER pic.twitter.com/wbLpaAQHQR
— DEGEN NEWS (@DegenerateNews) November 16, 2024
A recent statistic also shows that of the more than 180,000 tokens created in the middle week of November, 89% came from Solana.
The trading volume on Solana's DEX exchanges last week set a record of over $40 billion, bringing the total DEX volume in November to over $70 billion and showing no signs of stopping anytime soon.
BREAKING: SOLANA MONTHLY DEX VOLUME SURPASSES $70 BILLION FOR THE FIRST TIME pic.twitter.com/A6DPNEvo9v
— DEGEN NEWS (@DegenerateNews) November 18, 2024
The explosion of activity on Solana is also benefiting the protocols in the form of transaction fees. Data from DefiLlama shows that Solana projects account for half of the top 10 names that collected the most transaction fees in the past 24 hours, including Raydium, Jito, pump.fun, and Photon.
The Raydium DEX collected $11.79 million in fees on November 17, an all-time high. Liquid staking platform Jito collected $7.89 million in fees, the third-best ever.
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
