Solana Daily Active Addresses Hit All-Time High Amid SOL Price Struggles

• Solana’s daily active addresses hit a record high of 5.4 million, showing a rise in trading activity and user engagement.
• The blockchain has recorded over 41 million daily transactions, outpacing major rivals like Ethereum and BSC Chain.

Solana’s blockchain is displaying a significant surge in trading activity, setting new records. The number of daily active addresses (DAA) on the Solana network has reached 5.4 million, the highest level ever recorded. This rise indicates increased engagement on the platform, with daily transactions exceeding 41 million, outpacing networks like Ethereum and Binance Smart Chain.

Solana has also hit new highs with daily transactions, reaching over 40.3 million—outpacing major players like Ethereum and Binance Smart Chain (BSC). Further, the number of new addresses on Solana is rising, a sign of growing interest and adoption of the blockchain. 

Memecoin Dip and SOL Price Struggles

Interestingly, while Solana’s transaction numbers are up, its memecoin marketplace, Pump.fun, has seen a downturn. Revenue from this memecoin launchpad dropped by 80% since late July. 

Previously, Pump.fun had contributed to Solana’s market momentum since its launch in January. The Launchpad platform is still operational and generates numerous memecoins on a daily basis.

While the Pump.fun slowdown, leading meme coins in the marketplace like Dogwifhat (WIF) and Book of Meme (BOME) have captured the crypto community’s attention. WIF saw a 7% rise over the past week, reaching $1.58, while BOME experienced a 5% increase, now trading at $0.006389.

However, Solana’s native token, SOL, continues to struggle, remaining range-bound amid a broader bearish market sentiment. At the time of writing, SOL trading at $131 shows a decline of 2.42% over the past day. Daily trading volume has also decreased by over 20%, now at $1.85 billion. This decline in SOL’s price follows a similar pattern seen in Bitcoin (BTC), which is struggling to hold above the $58K zone.

In summary, while Solana’s network activity and adoption are hitting new highs, the price of SOL remains under pressure, reflecting ongoing market challenges.

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