Solana’s rapid growth, driven by meme coin trading and user engagement, highlights its competitive edge over Ethereum in user activity and transaction efficiency.
By Bena Ilyas
Edited by Julia Sakovich
Updated
2 mins read
Solana SOL $124.1 24h volatility: 1.8% Market cap: $63.65 B Vol. 24h: $3.49 B has hit a major milestone by reaching its highest monthly active addresses ever, surpassing 120 million in October 2024, according to The Block. The significant surge marks a 42% increase from the previous month, highlighting the network’s growing appeal and user base.
The surge is primarily driven by the rising interest in meme coin trading on Solana. Platforms like Pump.fun and the decentralized exchange Raydium played key roles in this growth. Pump.fun generated more than $30.5 million in revenue, while Raydium handled trades exceeding $30 billion throughout October, according to DefiLlama.
The rise of meme coins, such as the GOAT meme token tied to the AI chatbot Terminal of Truths, has significantly driven growth. This trend has not only driven up active addresses but also led to the launch of numerous AI-inspired tokens on the network.
Analysts maintain a blend of optimism and caution. While meme coins currently drive activity, the longevity of this trend remains uncertain if market interest shifts. However, SOL’s broad ecosystem ranges from DeFi to decentralized physical infrastructure networks (DePIN).
Justin D’Anethan of Keyrock underscores Solana’s competitive strengths, highlighting its cost-effectiveness and superior performance. These qualities make it a compelling choice for users who prioritize fast, low-cost transactions, particularly in high-frequency or small-scale trades where Ethereum’s fees could erode profits.
In a notable comparison, October’s a16z State of Crypto report highlighted Solana’s superior performance over Ethereum and other EVM chains, focusing on monthly active addresses. Solana recorded over 100 million active users, significantly surpassing Ethereum’s 57 million, indicating stronger user engagement on Solana’s platform.
The network’s token, SOL, experienced a notable rise, trading near $161, marking a 12% increase in the past month. This upward trend aligns with growing adoption and heightened user activity, signaling Solana’s steady climb within the competitive blockchain landscape.
Solana’s recent milestones underscore its capacity to challenge and potentially surpass major blockchain networks, particularly in user engagement and innovation. The future of meme coins remains uncertain, but Solana’s core strengths suggest a bright path ahead.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
