Solana on Fire! Network Sees Multiple Records Amid Memecoin Frenzy

Solana experienced a sharp rise in activity as memecoin transactions spurred multiple single-day records in fees and revenue. On November 19, the network generated $11.84 million in total transaction fees and recorded $5.92 million in revenue.

According to DeFiLlama, Solana’s leading decentralized exchange (DEX), Raydium, reported fees of nearly $15 million for two consecutive days, translating to daily revenue of roughly $1 million. Similarly, Jito, the MEV infrastructure provider on Solana, set a new milestone with $15.55 million in fees and $622,000 in revenue.

Pump.fun, a platform dedicated to meme token creation, also achieved its highest daily figures, with $2.46 million in fees and revenue.

Monthly DEX Volume Reaches $70B

In a related development, Solana-based DEXes recently exceeded $70 billion in trading volume over a 30-day period. Between November 4 and November 10, trading activity surged, reaching $41 billion—more than double the $18.1 billion recorded the previous week.

Raydium dominated the DEX market on Solana, accounting for 72% of activity and processing $27.89 billion in transactions. Meanwhile, Orca experienced a 40% weekly growth, with its trading volume climbing to $7.6 billion.

Top Gainers

The surge in memecoin-related transactions has driven unprecedented activity within the Solana ecosystem, propelling the network to new performance benchmarks. The increased activity also translated into significant price gains for several memecoins, with Winter Arc (WINTER) leading the market by skyrocketing over 2,500%. 

Other notable gainers included Jewels Da Goat (JEWELS), which surged 1,135%, and Chill Guy (CHILLGUY), which rose by 550% during the same period.

BONK remains the most valuable memecoin on the Solana mainnet, boasting a market capitalization of approximately $4 billion. Following BONK are WIF, POPCAT, and PNUT, with market caps of $3.2 billion, $1.6 billion, and $1.6 billion, respectively.

Tokens such as PNUT and ACT saw heavy trading interest. One trader reportedly turned a $17 investment (equivalent to 0.0983 SOL) into a profit exceeding 12,000x by acquiring 2.46 million PNUT.

Another trader capitalized on Binance’s recent listing of ACT tokens, using $318,000 (or 1,558 SOL) to purchase 10.9 million ACT tokens. The value of the investment soared to $3.4 million within an hour, resulting in unrealized profits exceeding $3 million.