Solana Sees Daily Transaction Volume Surge to $40 Billion
Solana’s daily transaction volume has reached over $40 billion, the highest level since October 2022. This surge in economic throughput is attributed to tokens built using the SPL standard, which haven’t been at these levels since late 2022. The current value transacted on Solana has increased by 700% compared to early December, when the seven-day moving average was around $5 billion.
According to Nansen Research Manager Sandra Leow, Solana-based transactions have grown from 20-30 million daily to over 50 million. Additionally, daily active wallets on Solana have increased from around 120,000 in October 2023 to about 470,000 in January 2024.
Solana-based Memecoin Market Activity Rises
Data scientist Andrew Hong reveals that the primary volume within the Solana ecosystem is driven by three memecoins: USDC, USDT, and SOL pairs. Solana closed 2023 as the best-performing altcoin, leading to a surge in value for Solana-based memecoins. For example, BONK, a Solana-based memecoin, has seen a price increase of over 7000% compared to a year ago.
Data shows that after stablecoin pairings, the next group of SOL pairs by volume are Solana-based memecoins. Image: Andrew Hong Dune Analytics.
Large Profits and Caution
Reports of significant profits from successful Solana-based memecoin trades have surfaced on social media. One trader made $2 million after buying a memecoin with only 1.5 SOL, resulting in a gain of 21,715x in just 22 days. However, it is important to note that the memecoin market is highly volatile, and past successes do not guarantee future gains, as emphasized by Solana-based memecoin developer Tommy McKaughan.
Hot Take: Solana’s Transaction Volume Skyrockets with Memecoin Market Surge
Solana’s transaction volume has soared to over $40 billion, reaching its highest level since October 2022. The surge is fueled by the economic throughput of tokens built using the SPL standard. Daily active wallets and transactions on Solana have also experienced significant growth. Additionally, the Solana-based memecoin market has seen increased activity, with notable price surges for memecoins like BONK. While there have been success stories of traders making large profits in this market, caution is advised due to its volatility.
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