Solana’s Real Economic Value Hits Record High of $11M Amid Memecoin Market Surge

According to Blockworks Research, on October 24, Solana’s network achieved a milestone as its real economic value (REV)—comprising transaction fees and MVE tips—reached $11,089,500, setting a new record. 

Solana posted its highest daily REV ever ($11.1m), which also marked the largest ever gap over Ethereum REV ($3.8m)

All Etheruem L2s combined for ~$280k in REV over the same period pic.twitter.com/IK220vRO5K

— Dan Smith (@smyyguy) October 25, 2024

Solana’s REV has consistently outpaced that of Ethereum. The network recorded its largest margin over the Ethereum blockchain, which reported $3.8 million in revenue. Meanwhile, the combined revenue from Ethereum’s layer-2 solutions during this period was only $280,000.

Surge in Solana-Based Memecoins

The rise in Solana’s REV aligns with a surge in the memecoin market on the platform. Solana-based memecoins like Goatseus Maximus ($GOAT) and Giga Chad ($GIGA) have gained traction, attracting significant attention from traders. 

As noted by market intelligence firm Santiment, the rise in the prices of these tokens has led to increased buying interest, driven by fears of missing out on potential gains. 

Blockchain data shows that a trader earned significant profits from $GOAT, making $2.88 million with a 3360% return on investment. Additionally, a recent report highlighted another impressive gain, where a MOODENG trader turned a modest $1,331 investment into a paper value exceeding $9.5 million within 16 days, achieving a 7,140x return.

MOODENG also saw a price surge to $0.157 early Friday, marking a 136% increase. This spike followed Binance’s announcement of plans to list the token on its futures market.

Increased User Engagement on the Solana Network

In addition to the rise of Solana-based memecoins, on-chain data suggests that heightened user interactions within the Solana ecosystem have also fueled this surge.

A recent report from CoinTab shows that daily transactions on the blockchain rose by over 29% between October 8 and October 14. The report also noted a 200% increase in new token launches on the network since September, indicating a shift in investor sentiment toward Solana.

The increased activity has positively impacted revenue, with DefiLlama reporting over a 70% rise in revenue in the last 48 hours. Additionally, the total value locked (TVL) on the Solana network has surged by more than 33% this month, climbing from $5.1 billion to $6.8 billion.

Solana (SOL) is trading at $168.92 at press time, representing a 3.86% decrease in the past 24 hours.