The number of transactions on Solana has skyrocketed to more than 50 million per day.
Daily active wallets on Solana reached almost 470,000 in January 2024.
Daily Solana transaction volume exceeds $40 billion, according to recent statistics. Since October of 2022, it is the highest level. Meanwhile, tokens created utilizing the SPL standard are seeing economic throughput increases not seen since late 2022.
From early December, when the seven-day moving average of transaction volumes was at $5 billion, the current value traded on Solana has increased by 700%. The number of transactions conducted on Solana has skyrocketed from 20–30 million per day to more than 50 million currently, as reported by Sandra Leow, Nansen Research Manager.
Memecoins Driving the Rally
In addition, there has been a significant growth in the number of daily active wallets on Solana, going from over 120,000 in October 2023 to almost 470,000 in January 2024. According to data scientist Andrew Hong, onchain analytics show that three memecoins drive the main volume inside the Solana ecosystem, following SOL-USDT/USDC combinations.
According to recent data from Dune Analytics, which Hong referenced, the top three pairings by volume are USDC, USDT, and SOL. Meme coins follow closely after.
By the end of 2023, Solana had outperformed all other altcoins. Many memecoins based on Solana had a meteoric rise in value during December’s market boom. As an example, the price of BONK, a memecoin based on Solana, has increased by more than 7000% from a year ago as of January.
In 2024, Solana got off to a rocky start. Even while the cryptocurrency market as a whole has been trending upward for the previous two days, thanks in large part to excitement around Bitcoin ETFs, the price of Solana has fallen, dropping below $95 at the time of writing.