Data: Solana network activity hits a new high, with monthly active addresses exceeding 123 million in October

2024-11-04 18:24:36

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ChainCatcher news, according to The Block, the Solana network set a record for the highest number of monthly active addresses in October 2024, exceeding 123 million. This figure represents an increase of over 42% compared to September, far surpassing the fewer than 12.7 million active addresses in January of this year.

Eden Au, research director at The Block, stated that the recent surge in Solana's activity is primarily driven by a trading frenzy of meme coins on the network, with the meme coin generation app Pump.fun and the decentralized exchange Raydium being particularly active over the past month. Data shows that Pump.fun's monthly revenue exceeded $30.5 million in October, while Raydium's trading volume surpassed $30 billion that month.

Analysts also pointed out that the rapid rise of the meme coin Goatseus Maximus (GOAT), associated with the AI chatbot Terminal of Truths, has led to the birth of numerous AI-themed meme coins on Solana, further boosting network activity.

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