Thanks to meme coins, Solana’s daily revenue reached new ATH

The meme coin craze helped Solana, also called the Ethereum killer, generate record amounts of fees and revenue.

According to data provided by Defi Llama, the popular Proof-of-Stake blockchain collected $11.8 million in fees in 24 hours, surpassing Ethereum (ETH)’s $6.32 million.

Defi Llama data shows that Solana (SOL) also hit an all-time high, generating $5.9 million in revenue in the same time period. The Tier 1 network is second only to Tether’s $13.3 million in revenue the other day.

It is noteworthy that the total value of Solana’s decentralized finance reached $8.35 billion, according to Defi Llama.

Moreover, Raydium, the largest decentralized exchange of the exchange called the Ethereum killer, is currently at the top of the list with over $15 million in 24-hour fees. The DEX platform, popular for its low fees, generated around $1 million in daily revenue, according to the data aggregator.

Data shows Solana-based meme coin launch pad Pump.fun generated record single-day revenue of $2.4 million, surpassing Bitcoin’s (BTC) $2.3 million.

High investor interest in Raydium and Pump.fun suggests that Solana’s revenue growth may be mostly driven by the meme coin trend on the network.

Solana has surged 295% in the past year, becoming the fourth-largest crypto asset in the industry with a market cap of $113 billion; This brought USDT to a value of $128.8 billion.

SOL price | Source: crypto.news

SOL is down 1.8% in the last 24 hours after reaching $247 for the first time since November 2021. The asset is trading at $238 at the time of writing; It is only 8.7% away from its ATH of $260.