Solana’s blockchain has achieved a new record for daily network users, showcasing its growing popularity in the cryptocurrency space. Recent data indicates that Solana recorded the highest number of daily active addresses in blockchain history, even as the fifth-largest cryptocurrency revisited its previous lows from April and January. As of now, a single SOL coin is valued at approximately $136.

On September 10, Solana’s 24-hour users surpassed the five million mark, while its closest competitor had just over 2.5 million daily active wallets on the same day.

Solana’s Activity Surges Amidst Memecoin Sector Decline

Solana’s milestone in active addresses comes despite a downturn in its memecoin sector. Notably, Pump.fun has generated fewer fees since its peak in late July. Recent data confirmed an 80% decline in revenue from the memecoin launchpad.

General SOL fees and prices have also decreased since July, showing a correlation between SOL revenue and Pump.fun activity.

Pump.fun Revenue and Market Trends

Pump.fun, a platform known for its rapid growth, reaching $100 million in revenue within roughly seven months, has seen a regression. This decline may signal a broader trend for Solana memecoins amidst fluctuating crypto prices.

At its peak, Pump.fun enabled developers to launch over 500,000 tokens in a single month. This influx of memecoins on SOL-based exchanges like Raydium turned speculative investors into overnight millionaires or led to substantial losses.

Solana became a hotspot for memecoins, drawing concerns from industry figures about the sustainability and gambling-like nature of platforms such as Pump.fun. Despite these concerns, Pump.fun continues to produce numerous memecoins daily.

A recent analysis found that the oversaturation of meme tokens correlated with weak average gains, with less than 1% of memecoin traders earning over $1,000 from their speculative investments.

Stay updated with the latest news and insights on cryptocurrencies, investing, and finance by exploring more articles on Global Crypto News.

Post Views: 1