Solana Surpasses 123 Million Active Addresses, Driven by Memecoins
- Solanas ctiv ddrsss sord to ovr 123 million in Octobr, mrking 42% incrs.
- Th mmcoin trnd, drivn by pltforms lik Pump.fun nd Rydium, fuls trding ctivity spiks.
- Its spd nd low fs ttrct usrs, nhncing its position mid growing blockchin comptition.
Solana, th high-spd blockchin pltform, hs shttrd its rcord for monthly ctiv ddrsss, xcding stggring 123 million in Octobr. This rprsnts significnt surg of ovr 42% comprd to Sptmbr, ccording to dt from Th Block. Th ntwork hs witnssd rmrkbl growth trjctory, hving strtd th yr with mr 12.7 million ctiv ddrsss.
Memecoins Drive Solana Trading Activity
Anlysts ttribut th rcnt surg in trding ctivity to th growing populrity of mmcoins. Pltforms lik Pump.fun, mmcoin gnrtor, nd Rydium, dcntrlizd xchng, hv significntly influncd this trnd. In Octobr, Pump.fun gnrtd $30.5 million in rvnu, whil Rydium rcordd ovr $30 billion in trding volum.
Edn Au, Rsrch Dirctor t Th Block, highlightd tht Octobr ws rmrkbl month, with Pump.fun lunching rcord numbr of nw tokns nd Rydium chiving its highst monthly trding volum. Howvr, Au risd concrns bout th long-trm sustinbility of this mmcoin-drivn trnd, cutioning tht chnging mrkt dynmics nd shifts in usr intrst could dmpn th currnt xcitmnt.
Au lso notd th ovrll growth of th Solana cosystm, which includs vrity of pplictions nd infrstructur spnning dcntrlizd finnc (DFi) nd dcntrlizd physicl infrstructur ntworks (DPIN). H concludd tht dspit incrsing comptition for liquidity nd usr nggmnt mong blockchins, its strong prsnc is likly to continu.
Solanas Unique Appeal in Crypto
Justin DAnthn, hd of businss dvlopmnt t APAC for Kyrock, ddd tht Solanas structur is wll-suitd for high-frquncy trding nd smllr trnsctions, whr Ethrums fs cn significntly rduc profits, mking Solana mor ttrctiv option for usrs nding quick, ffordbl trnsctions.
This incrs in Solanas ctivity coincids with th xplosiv populrity of th Gotsus Mximus (GOAT) mm tokn, which hs gind trction thnks to its link to th AI chtbot Trminl of Truths. Th xcitmnt round GOAT hs ld to surg of othr AI-thmd mm coins on th Solana ntwork.
As of now, Solanas ntiv tokn, SOL, is trding t $161, mrking 12% ris ovr th pst month. Anlysts, including Shlby, highlight ky rsistnc lvl for SOL t round $185, which hs prviously hindrd pric incrss. Brking through this lvl could b significnt for SOL. If th tokn surpsss this rsistnc, it might ntr phs of rpid pric growth, with trgts rnging from $220 to $240.
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Text source: TronWeekly
