SOL Hits 9.5M Active Addresses by Adding 86% New Users in May

• Data from the analytics platform Nansen reflects an increasing interest in cryptocurrencies.
• The number of active addresses among the top altcoins increased significantly in May.
• Solana’s active addresses increased by 86% to reach 9.5 million in May.

Data from the blockchain research platform Nansen reflects an increasing interest in cryptocurrencies. According to Nansen, the number of active addresses among the top altcoins increased significantly. The highest among them was Solana, whose active addresses increased by an impressive 86%.

The recent figures from Nansen contradict the prevailing sentiment that cryptocurrency is in a bear market. Although crypto prices did not surge as much, the increasing number of active addresses suggests a growing market interest.

The top altcoins with the highest active addresses include Solana, with 9.5 million active addresses, showing an 86% increase from the previous month. BNB Chain recorded 12.4 million active addresses, increasing by 14% since April 2023. Despite losing 4% of its active addresses, Ethereum had 4.7 million active addresses in May.

With 86% more active users in one month, Solana appears to be embarking on a resurgence. On-chain data shows that Orca, STEPN, and Raydium are among the Dapps on Solana responsible for the increased adoption. Mad Lads NFT leads the charge on Solana-based NFTs.

On the BNB Chain, apart from Binance, PancakeSwap was the most-used entity in May 2023. It contributed 12% of BNB’s overall growth, second only to Binance, whose contribution was 33%. AngleProtocol also contributed significantly with an intra-protocol 2,351% increase.

Tether and Uniswap led in the number of active addresses on the Ethereum network. Each of them contributed 13% of Ethereum’s active addresses in May 2023. zkSync contributed 5.93%, and USDC added 5.13% of active addresses on Ethereum.

The increasing number of active addresses reflects increasing crypto adoption, signifying a build-up of momentum ahead of an anticipated bull run. The Layer 2 protocol, Optimism, also registered a surge in active addresses. It added 22% active addresses in May, taking its total to 1 million.