The Solana Network Sees Surge in Trading Activity
The Solana network has experienced a significant increase in trading activity, attracting traders and investors amid a consolidation in the crypto market. According to on-chain data, Solana’s daily transaction count reached 51.63 million on November 24th, marking a jump of over 144% from the previous day. This surge has pushed Solana to a new milestone in over two years.
Spike In Daily Transactions On The Solana Network
Solana has emerged as Ethereum’s closest competitor among altcoins, with impressive gains this year. After a quiet first half of the year, Solana started gaining momentum last month, resulting in a substantial increase of over 300% in its annual gains. Data from on-chain analytics platform Artemis shows that daily transactions and active addresses on the Solana network have also seen a similar surge.
What’s Behind Solana’s Recent Growth Spurt?
Several factors have contributed to Solana’s recent popularity. The crypto has gained traction after stepping out of the shadow left behind by the FTX fiasco. Institutional inflow into Solana’s products has increased, reaching a total inflow of $135 million this year. Additionally, Solana’s DEX volume has spiked to a high this month, and its total value locked in DeFi protocols is at a yearly high of $618.36 million.
Hot Take: Solana Continues to Soar Amidst Market Consolidation
Despite experiencing a slight market cap loss in the past week due to general market consolidation, Solana is still up by 80% this month and continues to attract investors. The network’s USDC transfer volume reached $71 billion in November, setting a new yearly record. Solana’s success can be attributed to its increased trading activity, institutional inflow, and growing popularity in the DeFi space.
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