Solana sets a new record for daily active addresses in a network despite the dwindling Pump.Fun users.
The Solana network has recorded the highest daily active address count in blockchain history. Active users surged to a notable high despite the recent market downturn and Solana’s price underperformance.
Data from Artemis shows that daily active users on the Solana network surged to 5.4 million on Monday, the highest active address in history. The user influx also dwarfed that of other chains, with the closest being the NEAR protocol, which recorded 2.9 million active addresses.
Notably, the data reveals a gradual uptrend in daily active users on the Solana network in the days preceding Monday. The uptick began in late August and escalated gradually to Monday’s levels. However, the 5.4 million active addresses recorded on the network on Monday was almost a 100% increment from the 2.8 million witnessed on September 8.
Upsurge Despite Pump.Fun Wear-Out
Solana’s recent activity growth came despite dwindling activities from Solana’s Pump.Fun. The memecoin launchpad had driven a considerable number of Solana’s active addresses, as users flocked to the platform to deploy new meme tokens on the blockchain.
Pump.Fun became the fastest-growing protocol in history, recording $100 million in revenue in 31 weeks. However, a reduction in traction and widespread criticism saw users of the platform drastically drop off.
The Pump.Fun sluggish traction spilled to the Solana ecosystem at large, which saw underwhelming daily transactions and usage compared to its standards. However, the Solana network rebounded from the slump, shattering a record on Monday.
Consequential Price Surge?
The uptick in active addresses in a network has historically catalyzed a notable price upswing in asset prices. Hence, there are heightened possibilities of an underlying surge in the Solana price.
This increase in active addresses is not the only bullish scenario on the Solana. The September 20 Breakpoint event has historically pushed SOL to an average growth of 62%. As such, analysts are expecting the asset’s price to increase considerably in the coming days.
At the time of writing, SOL consolidates at $132 after growing over 5% in 24 hours on Tuesday. The asset is down 2% on Wednesday, with trading volume of $1.8 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/11/solana-shatters-daily-active-wallet-record-with-5-2m-users/?utm_source=rss&utm_medium=rss&utm_campaign=solana-shatters-daily-active-wallet-record-with-5-2m-users