According to Artemis.XYZ, Solana set a new record for daily active addresses, reaching over five million on September 10. This comes even as the price of Solana (SOL) remains near its lows from earlier in the year, with a value of around $136 per coin. Historically, Solana’s network activity has seen consistent growth, with active addresses climbing steadily over the past few years. For example, Solana had about 250,000 active daily addresses in mid-2021, and by early 2023, it had grown to over a million daily active addresses.
This recent spike more than doubled Solana’s previous high in daily activity, marking a significant achievement despite declines in certain sectors. Memecoin activity on Solana, particularly around the Pump.fun launchpad, saw an 80% drop in revenue since its peak in July. The correlation between Pump.fun activity and Solana’s overall fee generation indicates the influence memecoins have had on the platform’s revenue.
However, the decline of Pump.fun has raised questions about the future of Solana’s memecoin sector. Though Solana became a major hub for memecoins and decentralized finance, notable figures like Vitalik Buterin have expressed concerns about the sustainability of such trends. Solana’s rapid growth in daily active users, despite these challenges, demonstrates the strength of its network but also underscores the volatility of its revenue sources.
Src: Dune Analytics
