While the crypto frenzy captivates speculators with dizzying highs and lows, the real winners are those giving investors a way to speculate.
An ongoing memecoin trading frenzy amid the cryptocurrency bull run is allowing traders to experience dizzying highs and lows, yet those benefitting from the “gold rush” appear to be the sellers of picks and shovels, the crypto infrastructure providers.
Memecoin popularity has seen Solana-based decentralized applications (DApps) gather record revenue from activity onchain, with automatic market maker Raydium seeing a record $11 million in 24-hour fees earlier this month.
Onchain activity for Solana exploded over the past few weeks, with decentralized exchange (DEX) daily volumes surging from about $1.6 billion to a $10 billion peak, according to Blockworks data.
