As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find Solana’s recent surge in daily active addresses truly intriguing. The blockchain’s ability to surpass previous records despite dips in its memecoin sector is a testament to its resilience and adaptability.
Solana’s blockchain has surpassed previous records for daily network users.
Based on information from Artemis.XYZ, Solana (SOL) achieved a new record for the highest number of daily active addresses in blockchain history. Interestingly, even though the fifth-largest cryptocurrency returned to its lows seen in April and January, the value of one SOL coin was currently approximately $136.
On September 10th, Artemis observed that SOL had over 5 million users within a 24-hour period, whereas its closest rival only managed to surpass 2.5 million daily active wallets on the same day.
Solana’s activity surges, but memecoin sector slips
Despite a drop in activity within Solana’s memecoin sector, Solana managed to reach a significant milestone for active addresses. Notably, the platform Pump.fun has seen reduced fee generation compared to its high point in late July.
Over the past week, data revealed an approximately 80% drop in the revenue generated from the memecoin launchpad. Additionally, Solana’s transaction fees and prices have decreased significantly since July, suggesting a possible link between Solana’s revenue and Pump.fun platform’s activity.
Is the Pump.fun casino crashing?
Despite wider crypto market trends remaining unclear, the trendline of Pump.fun could indicate a downward trend for Solana memecoins. This platform was the quickest to reach $100 million in revenue within the decentralized finance sector, accomplishing this feat in about seven months. Yet, some question whether its peak has already passed, as there is ongoing debate about whether the platform had a positive impact on cryptocurrencies and DeFi overall.
At its peak, Pump.fun enabled developers to issue more than half a million tokens within a month. Meme coins inundated Solana-based trading platforms such as Raydium, making some speculative investors instant millionaires while instantly vaporizing nearly all the capital for others in mere seconds.
The chain created by SOL evolved into a hub for meme coins, sparking concerns among creators such as Vitalik Buterin. Their primary apprehensions centered around the longevity of Pump.fun and the gambling-like atmosphere it fostered.
Despite constantly churning out numerous meme coins, Pump.fun persists in its operation. According to a study by crypto.news, the excessive number of meme tokens is associated with modest average returns. Only a tiny fraction (less than 1%) of traders dealing with these memecoins managed to secure over $1,000 from their speculative trades.
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2024-09-11 00:56