Solana's blockchain has surpassed previous records for daily network users, despite a decline in the memecoin sector.
Solana's Activity Surge
According to Artemis.XYZ, Solana recorded the highest number of daily active addresses in blockchain history. As of September 10, the 24-hour user count exceeded five million, while the chain's closest competitor had just over 2.5 million active wallets.
Decline in Memecoin Sector
Solana's activity milestone occurred despite decreased activity in its memecoin sector. Pump.fun has generated fewer fees since late July. Data confirmed an 80% decline in revenue from memecoin launches. General SOL fees and prices have also slumped since July.
Pump.fun's Future
Although broader crypto prices remain in flux, Pump.fun's regression may signal a declining interest in Solana memecoins. Despite reaching $100 million in revenue within seven months, many debate the sustainability of Pump.fun's model. At its height, developers launched over 500,000 tokens in a single month, attracting speculative investors. However, less than 1% of memecoin traders earned over $1,000 from these speculative plays.
Solana continues to grow in popularity, setting a new record for active users. However, the future of memecoins on the platform remains uncertain.
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