Solana memecoins drive dApp fees to new highs: Impact on SOL?

• Solana DApps featured prominently in the top fee rankings.
• SOL has continued to trend upward. 

The increased activity that Solana [SOL] memecoins are seeing recently has impacted the ecosystem.

Data showed that various decentralized applications (dApps) in the ecosystem have recently seen an increase in fees. Also, SOL has continued its positive moves.

Soalana memecoins push fees on DApps

Recent data from DefiLlama revealed a sharp rise in fees generated by Solana’s decentralized applications.

Raydium [RAY], a prominent dApp on the network, recorded over $69 million in fees over the past seven days, making it the second-highest earner behind Tether [USDT]

Solana itself secured the third spot with over $49 million in fees, while other DApps like Jito and Photon also ranked among the top ten.

Notably, Pump.fun, a platform hosting many trending Solana memecoins, claimed 11th place in fee generation.

This increase aligns with the popularity of tokens such as Peanut the Squirrel [PNUT] and Goatseus Maximus [GOAT], leading the memecoin activity on Solana.

Source: DefiLlama

At press time, PNUT boasted a market capitalization of over $1.6 billion, while GOAT’s market cap stood at $1.1 billion.

Both tokens have experienced significant growth in trading volume over the past 24 hours, signaling heightened user engagement and transaction activity within the ecosystem.

Market cap of Solana memecoins surge

The market cap of Solana memecoins has seen notable growth, with an increase of over 10% in the last 24 hours, bringing the total to more than $21.8 billion, according to CoinGecko.

dogwifhat [WIF] led the pack with a market cap of over $3.7 billion, followed by Bonk [BONK] at $2.8 billion, and PNUT in third place.

These tokens have not only dominated the memecoin space but have also recorded an uptick in trading volumes, reflecting increased user interest and activity.

The rising transaction volumes have contributed to the observed spike in fees across Solana’s ecosystem, further emphasizing the impact of memecoins on the network.

SOL maintains strong upward momentum

Solana’s native token, SOL, continued its bullish rally, climbing 4.48% to trade at $248.16 at press time.

The daily chart highlighted SOL breaking through key resistance levels, supported by a surge in trading volumes exceeding 515,000.

Source: TradingView

Technical indicators affirmed the upward momentum.

The MACD showed sustained bullish pressure, while the RSI remained elevated at 76.77, signaling an overbought condition but reinforcing the positive market sentiment.

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As the memecoin trend drives activity across the Solana ecosystem, SOL appears well-positioned for further gains, backed by increased transaction volumes and network growth.

The combined impact of memecoins and bullish market conditions has solidified Solana’s uptrend.