HomeNewsSolana's Meteoric Rise: 18% Surge in Monthly New Addresses Hits All-Time High

Solana’s Meteoric Rise: 18% Surge in Monthly New Addresses Hits All-Time High

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  • Solana experienced a significant increase in new addresses, reaching an all-time high of nearly 12 million in January 2024.
  • This growth represents an 18% rise from December and coincides with a surge in activity on native DEXs and meme coins, as well as the release of Jupiter’s native token.

Solana’s Unprecedented Growth in User Base

Solana, a prominent player in the blockchain space, has registered a milestone achievement in January 2024, with its new addresses reaching an all-time high, according to data from The Block’s dashboard.

A Surge in Network Participation

The number of new addresses on the Solana blockchain soared to an impressive 11.81 million in January, marking an 18% increase from the previous month’s count of about 10 million. This growth is particularly noteworthy as it surpasses the previous all-time high recorded in May 2022, which saw 11.72 million unique new addresses.

The surge in new addresses on Solana aligns with a flurry of activities within its ecosystem. The month witnessed heightened engagement on native decentralized exchanges (DEXs) and increased interest in meme coins like Wen and Bonk. Furthermore, the release of the native token by Jupiter, Solana’s largest decentralized exchange aggregator, on the final day of January, likely played a significant role in attracting new users to the network.

Solana’s Rising Active Addresses and SOL’s Market Performance

Alongside the spike in new addresses, Solana has also seen a notable increase in its 7-day average daily active addresses since the beginning of the year. While this figure remains below the activity level observed in May 2022, it indicates a growing and active user base on the network.

Solana’s native cryptocurrency, SOL, mirrored this positive trend with a substantial recovery from its 2022 lows. By the end of December 2023, SOL reached yearly highs of $120. Although it has slightly retreated since then, SOL continues to show strong market performance. Over the past 24 hours, SOL has traded up by 6%, currently priced at $101.3.

Solana’s Expanding Horizon

Solana’s record-breaking number of new addresses and its active market presence underscore the network’s expanding reach and robustness. As the blockchain continues to attract new users and foster innovative projects, it solidifies its position as a key player in the evolving landscape of digital assets. Stay tuned for more updates on Solana’s growth and its impact on the broader blockchain ecosystem.

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John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628