Solana's blockchain is showing a significant surge in trading activity and user engagement. The number of daily active addresses has reached 5.4 million, indicating high platform involvement.
Increase in Active Users
Recent data shows that the Solana platform has hit a new record, increasing the number of daily active addresses to 5.4 million. This marks a heightened user interest and a significant rise in daily transactions, exceeding 41 million. Solana has outpaced major blockchain players like Ethereum and Binance Smart Chain (BSC).
Decline in Memecoin Market Activity
While the number of transactions is up, the memecoin market on Pump.fun is showing a downturn. Revenue from this launchpad has dropped by 80% since late July. Launched in January, Pump.fun initially contributed significantly to Solana's market momentum, but its popularity is waning. Despite this, leading memecoins like Dogwifhat (WIF) and Book of Meme (BOME) continue to capture the crypto community’s attention. WIF saw a 7% increase last week, reaching $1.58, while BOME rose 5%, now trading at $0.006389.
SOL Token Price Issues
Despite high network activity and user growth, Solana's native token (SOL) continues to struggle. At the time of writing, SOL is trading at $131, down 2.42% from the previous day. Daily trading volume has also decreased by over 20%, now at $1.85 billion. SOL's price decline aligns with the broader bearish market sentiment, similar to Bitcoin (BTC), which is struggling to hold above the $58,000 level.
While Solana's network activity and user adoption are reaching new heights, the price of the SOL token remains under pressure, reflecting ongoing market challenges.
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