Solana Outpaces Ethereum with User Engagement and Volume
- Solana achieved record 123 million monthly active addresses, a 42% increase.
- Memecoins and platforms drive user engagement and trading volume growth.
Solana (SOL) is riding a wave of growth, achieving its highest-ever monthly active address count in October. The network recorded over 123 million active addresses, marking a 42% increase from September. This surge highlights a striking rise in user engagement, up from just 12.7 million active addresses in January.
Fueling this activity is a booming memecoin market on Solana, driven by platforms like Pump.fun, a memecoin creation app, and the decentralized exchange Raydium. Pump.fun raked in over $30.5 million in revenue last month, while Raydium reported $30 billion in trading volume.
Andreessen Horowitzs State of Crypto report underscored Solanas appeal, showing over 100 million monthly active addresses, far outpacing Ethereums 57 million. Justin DAnethan of Keyrock emphasized Solanas speed and low fees, which are particularly attractive for high-frequency traders. He noted that Solanas efficiency draws users who seek affordable transactions, a contrast to Ethereums often high fees.
Adding to the excitement is the rise of AI-themed memecoins like Goatseus Maximus (GOAT), which have captivated users and led to a flurry of new token launches.
SOL Whales And Price Moments
Simultaneously, a Solana whale recently made headlines, selling $44 million worth of SOL on Binance and making colossal profits. On-chain data from Lookonchain revealed the whale bought 500,862 SOL for $11.81 million between August and October. These holdings have now ballooned to $81.14 million. Despite the major selloff, the whale still holds over $45 million in SOL-related assets, sparking optimism for further price gains.
Trading at $162, SOL is up 12% this month, and analysts see potential for more, despite current levels still being well below its peak of $260.
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Read more: https://thenewscrypto.com/solana-outpaces-ethereum-with-user-engagement-and-volume/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
