Record Growth for Solana’s Network
Solana's blockchain reached a new milestone in October, recording over 123 million monthly active addresses—its highest to date. This marked a significant 42% increase from September and a major leap from the 12.7 million active addresses in January, showcasing Solana’s growing ecosystem.Driving Factors Behind the Surge
Analysts attribute this spike to the rise in memecoin trading on the network, bolstered by apps like Pump.fun and the decentralized exchange Raydium. The month also witnessed Pump.fun’s $30.5 million revenue and Raydium's $30 billion trading volume, highlighting their role in Solana’s engagement boost.Sustainability and Future Outlook
While the memecoin trend has boosted activity, its sustainability remains uncertain. Yet, Solana’s array of applications, from DeFi to DePIN, suggests that it is well-positioned to maintain user interest and compete amid an expanding blockchain landscape.
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