Daily transaction volume on Solana has reached its highest since October 2022

The surge in the indicator is provided, among other things, by an increase in the activity of meme token holders

11.01.2024 - 09:22

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What’s new? Daily transaction volume on Solana reached the highest level since October 2022 amid an increase in the activity of blockchain-based meme token users. According to analytics platform The Block, the weekly moving average (7DMA) of the figure reached $46,93 billion on January 5. Since early December, the amount of funds moving online daily has jumped by 700%. According to Nansen analysts, the number of active Solana wallets per day has grown by 292% to 470 000 since last October.

The Block’s data

What else is known? Analyst Andrew Hong, citing on-chain data from the Dune platform, reports that meme tokens are among the top five Solana-based assets in terms of transaction volume, following the USDC and USDT stablecoin pairs, as well as the native token SOL.

During the December crypto market rally, the value of many Solana-based meme coins skyrocketed. For example, as of January, the “dog” meme coin BONK was up more than 7000% from its price a year ago.

According to data from aggregator CoinGecko, BONK and dogwifhat (WIF) coins lead the ranking of meme tokens on Solana in terms of daily trading volume with figures of $467,3 million and $65 million, respectively.

BONK tops the ranking in terms of Q4 growth rate with an indicator of 7547%

Other projects of the Solana ecosystem have also entered the top, including the leading DeFi protocols Raydium and Orca

At the end of last year, Solana overtook Ethereum in popularity on Google, and decentralized exchanges (DEXs) based on it also demonstrated the best result in terms of trading volumes.

In addition, in December, the number of new addresses on the Solana network updated the record at 6,8 million. Also during the year, the Solana team recorded more than 2500 active developers every month.

Solana Foundation to allocate $10,3 million to support blockchain projects in Brazil

Investments will be directed to projects in the field of tokenization and AI

At the end of 2023, analysts at investment company CoinShares named SOL as the favorite altcoin of investors in crypto derivatives, but already in the first week of 2024, $5,3 million in outflows were recorded in products for the asset.

As of January 11, 09:20 UTC, SOL is trading at $100,62 on Binance, having added 4,17% overnight. Weekly growth amounted to 2,4%.

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