Solana Strikes Gold: Meme Coins Drive Record Fees!

Solana-based applications saw record-breaking fees and revenue activity over the past 24 hours.

Author

Danielle du Toit
November 18, 2024

New Decentraland desktop client for Mac and Windows

  • Enhanced avatars and social interactions

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  • New features: badges, daily quests, and mini-games

Here's what we've got for you today:

  • Solana-Based DApps Rake in Record Fees as Meme Coin Frenzy Returns

  • Ripple’s Influence Questioned After Rumored Trump Connection

  • ‘DOGE’ Could Increase Economic Freedom in US - Coinbase CEO

  • RFK Jr Pushes for Bitcoin as a Stabilizer for the US Economy

🤑 Solana-Based DApps Rake in Record Fees as Meme Coin Frenzy Returns

Solana-based applications saw record-breaking fees and revenue activity over the past 24 hours, driven by what seems to be a resurgence of meme coin mania.

  • Patrick Scott shared that five of the top ten protocols by fees in the past 24 hours were on Solana.

  • Solana-based Raydium recorded $11.31 million in fees on Nov. 17, while Jito had its third-highest day with $9.87 million. Pump.fun earned $1.65 million, which was its seventh-highest day of earnings.

  • The Telegram trading bot Photon generated about $2.36 million in fees, which was its fifth-highest day on record.

❓️ Ripple’s Influence Questioned After Rumored Trump Connection

Rumors of a meeting between Ripple's CEO and Trump raised some concerns about Ripple's impact on U.S. crypto policy.

  • Ryan Selkis, founder of Messari, accused Ripple CEO Brad Garlinghouse of pushing XRP and central bank digital currency (CBDC) agendas.

  • Pierre Rochard of Riot Platforms raised concerns about Ripple's influence on U.S. policymaking and its perceived anti-Bitcoin agenda. He is, however, still hopeful for increased pro-Bitcoin representation in Trump’s administration to counterbalance Ripple's growing influence.

  • Despite the controversy and rumors of a Trump-Garlinghouse meeting, XRP saw a double-digit price rally. Analysts attribute the price jump to speculation surrounding the alleged meeting.

Coinbase CEO Brian Armstrong recently voiced his support for the newly created United States Department of Government Efficiency (DOGE).

  • On Nov. 13, Trump appointed Elon Musk and Vivek Ramaswamy to lead a newly formed agency. Its main goals include streamlining federal operations, reducing waste, cutting regulations, and restructuring government agencies.

  • Coinbase CEO Brian Armstrong sees the agency as an opportunity to boost economic freedom and suggested amending the U.S. Constitution to cap government spending at 10%.

  • Armstrong also proposed creating a U.S. sovereign wealth fund, and allowing every citizen to hold a share, as a long-term economic strategy.

Robert F. Kennedy Jr. referred to Bitcoin as the "currency of freedom" in a recent online post.  

  • Former presidential candidate Kennedy revealed that he invested the majority of his wealth in Bitcoin, and considers it as a hedge against inflation and a stabilizer for the U.S. dollar.

  • Kennedy’s Bitcoin enthusiasm spans years. In 2023, he even bough Bitcoin for his seven children. In 2024, he proposed using blockchain for the U.S. fiscal budget to ensure transparency.

  • Kennedy also pledged to establish a Bitcoin strategic reserve and proposed transferring U.S. government Bitcoin holdings to the Federal Reserve via an executive order.

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