As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed numerous market trends and shifts that have redefined the landscape. The recent surge in Solana activity on MoonPay is undoubtedly one of those moments that stands out. Breaking its own record in just 11 hours is a testament to the growing interest in decentralized finance and blockchain technology, particularly Solana’s ecosystem.
On November 19th, MoonPay announced a significant 295% spike in Solana (SOL) transactions, driven by the recent crypto market upswing. By 11 a.m. Eastern Time on the 20th, they surpassed their own record set just the previous day.
On MoonPay, there were significantly more Solana (SOL) transactions on this remarkable day compared to the total number of transactions for the entire month of November 2023.
Yesterday, we set a new daily record for Solana (SOL) transactions, surpassing the previous all-time high. As of 11 am, this trend continues.
— MoonPay 🟣 (@moonpay) November 20, 2024
On November 19th, MoonPay achieved a remarkable 295% rise in their average daily Solana transactions for the year 2024, demonstrating a burgeoning fascination with the Solana blockchain as a thriving decentralized financial network.
MoonPay’s recent partnerships
The surge in activity reflects MoonPay’s strengthened presence in the Solana space, aided by partnerships with the likes of PayPal or MoonPay. These collaborations have simplified onboarding for new users, allowing seamless crypto purchases and interaction with DeFi applications and NFTs.
Solana is becoming more well-known because it offers swift transaction rates and minimal fees, drawing in both individual and corporate users. Additionally, MoonPay’s success suggests an increasing use of the Solana blockchain in a variety of sectors such as gaming and decentralized finance.
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2024-11-20 21:28