The recent surge in activity around Solana’s memecoins has had a significant impact on the ecosystem.
New data indicates that various decentralized applications (dApps) on the platform have experienced a noticeable increase in fees, while SOL continues to demonstrate positive performance.
Impact of Solana Memecoins on dApp Fees
The latest data from DefiLlama highlights a sharp uptick in fees generated by Solana’s decentralized applications.
Notably, Raydium [RAY], a key dApp within the network, has accumulated over $69 million in fees over the past week, ranking as the second-highest earner after Tether [USDT].
Solana itself secured the third position, with fees exceeding $49 million, while other dApps like Jito and Photon also emerged in the top ten.
In an interesting development, Pump.fun, a platform hosting popular Solana memecoins, claimed the 11th spot in terms of fee generation.
This surge aligns with the growing popularity of tokens such as Peanut the Squirrel [PNUT] and Goatseus Maximus [GOAT], which are driving memecoin activity on Solana.
As of now, PNUT boasts a market capitalization of over $1.6 billion, while GOAT stands at $1.1 billion in market cap.
Both tokens have witnessed substantial growth in trading volume in the last 24 hours, indicating increased user participation and transactional activity within the ecosystem.
Surge in Market Cap of Solana Memecoins
The market capitalization of Solana memecoins has shown significant growth, rising over 10% in the past 24 hours to surpass $21.8 billion, according to CoinGecko.
Leading the pack is dogwifhat [WIF] with a market cap exceeding $3.7 billion, followed by Bonk [BONK] at $2.8 billion, and PNUT in the third position.
These tokens have not only dominated the memecoin arena but have also experienced a surge in trading volumes, indicating heightened user interest and engagement.
The increased transaction volumes have contributed to the spike in fees witnessed across Solana’s ecosystem, underscoring the impact of memecoins on the network.
SOL Sustains Strong Upward Momentum
Solana’s native token, SOL, continues to exhibit a bullish trend, with a 4.48% increase, trading at $248.16 at the moment.
The daily chart reveals SOL surpassing crucial resistance levels, supported by a significant rise in trading volumes exceeding 515,000.
Technical indicators confirm the positive momentum.
While the MACD signals consistent bullish pressure, the RSI remains high at 76.77, indicating an overbought scenario but reinforcing the optimistic market sentiment.
As the memecoin frenzy propels activity within the Solana ecosystem, SOL seems well-positioned for further growth, bolstered by escalating transaction volumes and network expansion.
The combined influence of memecoins and favorable market conditions has strengthened Solana’s upward trajectory.