Solana is showcasing remarkable growth in activity amidst a new wave of memecoins, prompting interest in potential future shifts in the crypto industry.
Rising Activity on Solana
The Solana blockchain has recently shown a notable increase in the number of active addresses. According to Solscan, their numbers are gradually approaching early 2024 levels. By mid-May, the network reached 5.5 million active addresses in 24 hours, recovering after a steep market decline.
Return of Memecoins
Once known primarily for NFTs, Solana is now the flagship network for memecoins, especially following the launch of the Pump.fun application. The new feature launched on May 12 allows token creation in just a few clicks and redistributes half of the app's revenues to token creators. This activity positions Solana as a leader in token creation once again.
Growth Prospects for SOL
A one-year price analysis of SOL indicates it is one of the most resilient assets. While SOL initially correlated with BTC’s price, it experienced a significant drop, but has since started to recover, with the current price around $167, hinting at potential future growth.
Thus, Solana continues to demonstrate its viability and ability to attract user attention through memecoins. This could signal upcoming growth and new opportunities for investors.
