November Crypto Report: Memecoins Surge 95%, ADA Rises 201%
In November, VanEck reported significant gains in the memecoin sector and notable performances from major cryptocurrencies including Cardano (ADA), Solana (SOL), Polkadot (DOT), and Stellar (XLM).
Solana’s Ecosystem Thrives
VanEck's analysis indicated that Solana delivered a 42% return in November, with the SOL token reaching an all-time high of $262. This surge was driven by increased on-chain trading activity related to memecoins, contributing to a broader market rally that saw a 95% increase during the month.
Solana generated $177 million in revenue in November, doubling the previous month's figure of $74 million. Projects like Jito and Pump.fun also benefited, generating revenues of $185 million and over $92 million respectively.
Jito operates as an on-chain application focusing on maximal extracted value (MEV) from DEX trading, while Pump.fun capitalizes on memecoin trading revenue, reflecting Solana's robust ecosystem.
Phantom, Solana's wallet, ranked first in Apple's "free utility apps" category, and Robinhood resumed SOL trading. Additionally, NFT marketplace Magic Eden announced an upcoming token airdrop expected to boost on-chain trading further.
Cardano And Polkadot Lead Crypto Altcoin Rallies
Cardano’s ADA saw a 201% increase in November, driven by off-chain developments and speculation regarding founder Charles Hoskinson's role in shaping crypto policy. Following his announcement of a crypto policy office in Washington, D.C., ADA's price surged significantly.
This upward trend continued with Robinhood relisting ADA and updates to Cardano’s governance structure, promoting on-chain decision-making by ADA holders. Total value locked (TVL) in Cardano surged by 180%, although its figures in stablecoins and daily DEX volumes remain modest compared to Ethereum (ETH).
Polkadot, previously seen as underperforming, experienced a rally due to recent developments, especially from the Mythos Chain—a gaming blockchain hosting popular titles. Founder Gavin Wood proposed a more agile architecture for improved interoperability and services, enhancing Polkadot's competitive position against assets like Ethereum and Celestia.
In the DeFi sector, protocols such as Aave, Uniswap, and Sky (formerly MakerDAO) demonstrated strength, marked by significant fee increases and market activity. Aave surpassed $30 billion in deposits, positioning it among the largest banks by deposits if it were a traditional institution. Uniswap's market capitalization grew following a favorable court ruling on immutable smart contracts.
Currently, SOL trades at $236, up nearly 3% in the past 24 hours.
Featured image from DALL-E, chart from TradingView.com.