Solana DApps Surge Amid Meme Coin Revival 2024

The spectacular resurrection of meme money has contributed significantly to the recent dramatic increase in decentralized application (DApp) activity on the Solana blockchain. In addition to increasing the uptake of projects headquartered in Solana, this renewed momentum has brought developers record fees and profits. The meme coin renaissance has given the Solana ecosystem new life, driven by social media attention, celebrity endorsements, and the general speculative enthusiasm around cryptocurrencies.

Rise of Meme Coins on Solana

Meme coins, once a cryptocurrency niche, have returned, unsettling the market. In late 2022 and early 2023, Solana-popular coins like $BONK led. Millions of dollars in market cap and more significant transaction volumes popularized the meme. As it became more apparent, Solana’s fast and cheap network attracted retailers and meme currency enthusiasts.

Capital and consumers have flocked to meme currencies, once considered speculative ventures with little utility. These coins get exposure through viral social media and celebrity sponsorships. In “pump-and-dump” cycles, consumers profit from the short-term buzz before moving on to the next big thing with meme currencies.

The scale and speed of Solana’s blockchain made it perfect for these currencies. Its low transaction fees (usually a fraction of a penny) make it suitable for trading meme coins, where high fees could diminish profits. As meme currency projects and communities moved to Solana, DApp usage surged, notably for trading and minting meme coins.

Solana DApps Surge with Meme Coins

The meme coin explosion has increased Solana’s DApp ecosystem’s transaction volume and network costs. Solana can perform tens of thousands of transactions per second without Ethereum’s bottleneck. DApps boost user activity and revenue by processing transactions quickly and cheaply.

Meme coin traders flock to Solana-based DEXs like Radium and Serum for low-cost, high-speed trading, driving up volumes. Magic Eden, an NFT marketplace, has seen record meme coin minting and secondary market activity. These platforms offer more outstanding transaction fees and marketplace revenue since meme currencies often use NFTs or unique digital assets.

Solana DApps reported record first-half 2024 revenue. On-chain data showed that Solana’s validators received record fees as the meme coin ecosystem grew. In a few months, meme coin dealers increased Solana transaction costs.

Solana Memecoins Boost Fees and Growth

The third-highest daily fee collection was $9.87 million for liquid staking protocol Jito. Memecoin launchpad pump. Fun had its seventh-highest profit day with $1.65 million in fees. Telegram-based Solana meme cryptocurrency trading bot Photon earned $2.36 million, its fifth-highest fee revenue and seventh-highest earner. On November 17, the token hit $242, its highest price since November 2021.

Peanut, a squirrel-themed meme-coin, rose over 2,700% in two weeks to $2.4 billion on Nov. 14. Elon Musk’s X (previously Twitter) comments and the creation of the new U.S. federal agency Department of Government Efficiency boosted the token’s momentum. More memecoins: Dogwifhat.

Also Read: Solana Could Get a US Spot ETF Says Fast Money’s Brian Kelly

DOGE and Solana Surge Amid Market Growth

Listing boosted the price to $4.19, a six-month high. Since the agency’s name matches DOGE’s ticker symbol, it coincided with renewed interest in DOGE cryptocurrency. DOGE rose 140% in two weeks. SOL trades at $234, 8.5% below its November 2021 high of $259.

The market worth of Solana has risen 44% to $112 billion from $77 billion at its high. Blockchain inflation rewards bets with fresh SOL tokens, increasing growth. According to Compass statistics, inflation in Solana is 4.9% and declines 15% annually.

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