Solana Network Transaction Volume Hits Annual High
Date: 2024-01-07 Author: Dima Zakharov Categories: BLOCKCHAIN
Solana, a prominent player in the world of blockchain technology, has recently achieved an impressive feat. The network's daily transaction volume has skyrocketed to over $40 billion, setting a new annual record. This significant surge in activity is a remarkable achievement, especially when compared to the $5 billion daily transaction volume at the start of December 2023.
Sandra Leou, a research manager at Nansen, pointed out that the daily transaction count on the Solana blockchain has surged from 20-30 million to approximately 50 million. Furthermore, the number of active Solana wallets has witnessed substantial growth, climbing from 120,000 in October 2023 to a staggering 470,000 in January 2024.
What's intriguing is that after SOL, USDT, and USDC, the majority of transactions on the network are attributed to meme tokens like WIF and BONK, as highlighted by data from Dune Analytics.
According to CoinGecko, BONK has emerged as the top-performing digital asset in the top 100 by market capitalization, boasting a staggering growth rate of 7302.9% in 2023.
In December, a crypto trader known as Blockgraze managed to turn $1,000 into $200,000 by trading WIF. He acquired the meme token shortly after its debut on the Solana DeFi market in late November.
In the same month, an unidentified trader earned $2 million in just 22 days through a single trade involving the meme coin SILLY. This trader invested 1 SOL (~$62 at the time) and noticed the coin's potential within 5 minutes of trading, buying 43.1 million SILLY tokens.
Recall that another anonymous trader managed to amass over $5.7 million in profits within six days by investing just 30 SOL ($2,220) and acquiring 16 billion ANALOS tokens in the first minute of trading on the Raydium liquidity pool. Solana's remarkable growth and the rise of meme tokens are undoubtedly captivating trends in the world of cryptocurrency and blockchain technology.
