On November 18, 2024, Solana surpassed $245, the highest level since December 2021. The main factor of growth was the record commission fees in the network, which amounted to $9.3 million.

Online activity has increased amid a new hype around meme coins. On November 17, cryptoinfluencer Patrick Scott noted that five of the top ten revenue protocols in the last 24 hours were related to Solana.

The highest fees were recorded by DEX Raydium, which earned $13.37 million, liquid steaking protocol Jito with $7.89 million, Telegram bot Photon for meme-coin trading with $2.36 million and platform Pump.fun with $1.65 million.

Over the last 24 hours, the price of SOL increased by 1.5%, and over the week – by 17.4%. At the time of writing, the value of the asset is $242.47, and its historical maximum reached $259.9.

While the leader of meme coins on Solana, dogwifhat (WIF), decreased in value by 4.9%, other tokens issued on the Pump.fun platform showed growth. For example, the meme token Peanut the Squirrel (PNUT) quadrupled in value over the past 24 hours.

In addition, VanEck noted a high probability of Solana-ETF approval before the end of 2025, after the company applied to launch it in June 2024.

Solana’s record-breaking fees drive cryptocurrency price to peak Dec. 2021