Solana-based decentralized apps (DApps) are making waves, with several recording unprecedented fees in the last 24 hours, thanks to a renewed memecoin frenzy. According to DeFiLlama data shared by DeFi commentator Patrick Scott, five of the top ten protocols by fees are now on Solana.

On Nov. 17, Solana’s Raydium automated market maker led the charge, raking in $11.31 million in fees—a new record. Meanwhile, Jito, a liquid staking protocol, posted its third-highest daily fee total of $9.87 million. Pump.fun, a memecoin launchpad, generated $1.65 million, marking its seventh-highest revenue day. Photon, a Telegram trading bot for Solana-based memecoins, secured $2.36 million in fees, its fifth-highest daily earnings ever.

This surge coincided with Solana’s native token (SOL) climbing to $242, its highest price since November 2021. The memecoin excitement is partly driven by Peanut (PNUT), a squirrel-themed token that skyrocketed 2700% in two weeks, reaching a $2.4 billion valuation after Elon Musk’s endorsement on X. Another memecoin, Dogwifhat, saw a significant boost after its listing on Coinbase, spiking to $4.19.

Adding intrigue, the Department of Government Efficiency, a newly announced U.S. agency under President-elect Donald Trump, shares its abbreviation (DOGE) with the popular Dogecoin, which also surged over 140% in the past two weeks.

Despite Solana's supply inflation—an outcome of its staking rewards mechanism—its market cap has grown to $112 billion, 44% above its previous peak in 2021. With SOL trading at $234, the token is nearing its all-time high of $259, fueled by the ongoing frenzy around its ecosystem.

This memecoin mania showcases Solana’s growing influence in the crypto space.