cryptopolitan.com
On January 21, Solana apps accounted for 73.3% of all crypto app earnings within the day, significantly outpacing networks like Binance Smart Chain ($BNB) and Ethereum. The blockchain’s app revenues have been recording highs since the second half of 2024.
According to data from decentralized apps aggregator DefiLlama, $SOL apps’ dominance saw competitors Binance Smart Chain ($BNB) and Ethereum secure only 9.44% and 6.46% of daily earnings, respectively.
🚨BREAKING: @Solana apps hit a new milestone, capturing 73.3% of all crypto app earnings in a single day.
— SolanaFloor (@SolanaFloor) January 22, 2025
– $BNB: 9.44%
– Ethereum: 6.46% pic.twitter.com/Ras6z72SlV
Ethereum’s app ecosystem has also been trailing Solana in revenue generation in the past seven days. The network’s apps 7-day revenue, which reached $39.89 million came up short compared to Solana’s $42.56 million, largely contributed by Tether and Circle market activity.
Solana dapps surge ahead in crypto revenues
Market data shows that in the last 24 hours, Solana-based apps led in revenue, almost doubling that of second-place Ethereum. Within the period, the network garnered about $8.9 million, with BONKbot and Raydium leading the fray with $2.67M and $1.17 million, in that specific order.
Unlike Ethereum, where Layer 2 solutions mitigate transaction costs, Solana conducts all activities directly on its Layer 1 (L1) blockchain. This creates high transactional requirements, which translates to high revenue generation.
According to Defillama’s updates, in the last quarter of 2024, Solana apps generated $751 million in revenues, more than doubling Ethereum’s $314 million. However, in the whole of 2024, the latter blockchain led in the category, amassing almost $2 billion.
Solana’s DEX volumes are also towering over other networks with a volume dominance of over 50%, reaching over $12 billion yesterday only, per Coingecko data. The DEX hit a 2025 high of $39.2 billion on Sunday, fueled in part by the launch of a $TRUMP memecoin, tied to President-elect Donald Trump’s family, on January 17.
Market data shows that the $TRUMP token’s fully diluted market cap skyrocketed to $75 billion within 36 hours, and nearly $4 billion in trading volume flowed through its primary liquidity pool on Meteora. The token’s price rise also pushed the Solana to an all-time high of $294.33 on January 19.
Solana’s social dominance and market analysis
According to data from Santiment, $SOL’s social mentions have hit a daily all-time high value of over 168,000. This indicates heightened interest and conversations around Solana, which could drive the demand for the token upwards and ignite a price charge in the coming days.
💊 Stats, charts, numbers:@solana [$SOL] is stealing the show! Its social mentions have hit an ATH, with over 168k mentions in the past 24-hours pic.twitter.com/wZalzun3cH
— blocmates news (@blocmatesnews) January 22, 2025
However, other market indicators suggest a more complex picture for $SOL’s future. The hourly trading chart reveals a bullish recovery following a recent dip, with consolidation forming around the $251.61 mark. Short-term candlesticks indicate renewed efforts to climb higher, despite recent volatility stemming from a sharp sell-off.
While $SOL is trading slightly above its Volume-Weighted Average Price (VWAP) at $252.55, the sustained increase in trading volume over the past week hints at potential oversupply.
Analysts denote that the speculative frenzy around recently launched tokens like $TRUMP and MELANIA contributed to $SOL’s price uptick. That said, they are warning investors that if residual demand from these tokens subsides, the token could face weeks of spontaneous price corrections.
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