Solana Sees 18% Increase in New Addresses
The number of unique new addresses on the Solana network rose to 11.81 million in January, representing an 18% increase from December’s count of about 10 million. This surge marks the highest level since May 2022 when there were 11.72 million new addresses.
Rise in New Addresses Linked to DEXs and Memecoins
The spike in new Solana addresses can be attributed to the growing number of users engaging with native decentralized exchanges (DEXs) and memecoins like Wen and Bonk. The recent release of Jupiter’s native token, the largest decentralized exchange aggregator on the network, likely contributed to this increase.
Increase in Daily Active Addresses
The average daily active addresses on Solana have also increased by more than one-third since the beginning of the year. However, it remains below the activity levels seen in May 2022.
Solana Coin Price Recovery
The native coin of the Solana network, SOL, experienced a significant price recovery from its 2022 lows, reaching yearly highs of $120 by the end of December 2023. Currently, SOL is trading at $101.3, showing a 6% increase in the past 24 hours.
Hot Take: Solana Network Witnesses Surge in New Addresses
The Solana network has seen a notable rise in new addresses, indicating growing interest and adoption. This increase can be attributed to the popularity of native DEXs and memecoins on the network, as well as the recovery of SOL coin prices. As more users join the Solana ecosystem, it will be interesting to see how this impacts its overall growth and development.
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