Solana-based decentralized applications (DApps) experienced unprecedented revenue as the memecoin market resurged. On November 17, five of the top ten crypto protocols by fee generation were on Solana, with Raydium leading at $11.31 million in fees, followed closely by Jito at $9.87 million. The memecoin launchpad pump.fun generated $1.65 million, while the Telegram trading bot Photon earned $2.36 million. This surge in fees coincided with significant speculation on memecoins, particularly Peanut (PNUT), which soared over 2700% to a valuation of $2.4 billion amid endorsements from Elon Musk. Concurrently, the leading Solana memecoin, Dogwifhat, was listed on Coinbase, achieving a high of $4.19. Solana's native token also surged, trading at $234, nearing its all-time high of $259, bolstered by increased market capitalization due to a rise in token issuance from its inflation schedule. At publication, Solana’s inflation rate was 4.9%, diminishing annually by 15%.

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