Solana's Active Addresses Hit All-Time High

Solana (SOL) is on a record-breaking streak, with its network registering over 884,000 active addresses on January 31st, marking an all-time high (ATH). The Solana network has been gaining immense popularity among users, and this surge in activity can be attributed primarily to the Jito (JTO) airdrop that took place in December 2023. Increased activity on decentralized exchanges (DEX) and growing interest in meme coins like Bonk and Wen have attracted even more users to the ecosystem. Another significant factor has been the release of the native token by the leading decentralized exchange aggregator on Solana, Jupiter.

Analysts are closely monitoring these developments, highlighting the strategic importance of airdrops in stimulating community engagement and attracting new users. According to analyst Miles Doycher, "People underestimate the size of the future JUP airdrops since only 10% was allocated in the first round. The remaining amount will be distributed in the next three rounds, totaling 4 billion tokens."

As for the price of SOL, at the end of 2023, the native token of the Solana blockchain witnessed an impressive rally, defying the predictions of many crypto market participants who expected a grim fate after the FTX collapse. At the time of writing, Solana is once again approaching the $100 mark, although this still remains 62% below its all-time high of $259.96, reached in November 2021. Solana's performance continues to be closely watched by the crypto community.