Solana User Base Skyrockets To Over 123 Million, Riding The Memecoin Wave
06 November 2024 - 3:30AM
NEWSBTC
In October, the Solana blockchain registered 123 million active
addresses. It has grown 42% since September and has risen
dramatically from 12.7 million addresses at the start of the year.
Latest data shows Solana’s steady rise in the crypto sector. The
latest growth is due, in part, to memecoins, which have increased
trade and user interest. Related Reading: Bitcoin Mining Costs
Spike To Nearly $50K As Miners Look To AI For Survival The memecoin
craze isn’t the only factor in Solana’s rapid growth. With a total
value locked (TVL) of $5.7 billion, the decentralized finance
(DeFi) ecosystem made major strides in the third quarter of 2024.
With a 26% quarterly increase, Solana became the third-largest DeFi
network surpassing Tron. Much of this growth comes from innovative
platforms like Kamino. Memecoins Drive Unprecedented Trading
Volumes Key to the recent surge in trade on Solana is platforms
including Pump.fun, a memecoin generator, and Raydium, a
decentralized exchange (DEX). Pump.fun brought in $30.5 million in
October; Raydium recorded around $30 billion in trading activity.
Particularly those looking for low-cost, high-frequency trades—an
area where Solana’s infrastructure shines against more expensive
networks like Ethereum—the activity generated by this memecoin has
drawn more users to the network. Still, several business leaders
are wary. Though memecoins have attracted a lot of attention in
Solana, Eden Au, research director at The Block, pointed out that
their long-term consequences are yet unknown. Au posits that
changing market dynamics and shifting user preferences may impede
current progress if fresh utility and attractiveness do not arise
beyond memecoins. Solana DeFi Ecosystem Flourishes In addition to
the memecoin excitement, Solana’s DeFi network has experienced
significant growth. Solana’s DeFi industry, with a substantial $5.7
billion in total value locked (TVL), experienced a 26% growth in
Q3, reflecting significant expansion propelled by platforms such as
Kamino. Related Reading: Why One Analyst Says Now’s The Time To Buy
XRP—Before It Hits $14 Renowned for its loan and trading
innovations, Kamino implemented new services that captivated
consumers and enhanced Solana’s position in the DeFi ecosystem.
Integrations like PayPal’s PYUSD have strengthened Solana’s
stablecoin ecosystem, making its programmable transfer features
more appealing. SOL Price Target & Resistance Level Over the
course of the past month, the value of Solana’s native token, SOL,
has increased by around 12%. It is currently selling at $162,
figures from Coingecko show. Market observers are currently looking
at a resistance level of $185. It is possible that the token’s
price will increase even further if it is able to break through
this barrier; the expected price targets range from $220 to $240.
If SOL is able to maintain its consistency and make the most of its
current developments, then the next several weeks will be the
determining factor. Featured image from MoneyCheck, chart from
TradingView
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