The Solana blockchain has surpassed previous records for daily network users.
According to Artemis.XYZ dataSolana (SUN) recorded the highest number of daily active addresses in the blockchain’s history, despite the fifth-largest cryptocurrency returning to its April and January lows. At the time of writing, a single SOL coin was worth around $136.
Artemis noted that SOL’s 24-hour users surpassed the five million mark on Sept. 10, while the chain’s closest competitor hovered around 2.5 million daily active wallets on the same day.
Solana activity increases, but the memecoin sector retreats
Solana’s active address milestone came despite declining activity in its memecoin sector. Specifically, Pump.fun has generated fewer fees since its peak in late July.
Last week, data confirmed an 80% drop in revenue generated by the memecoin launchpad. SOL fees and overall prices have also fallen since July, highlighting a correlation between SOL revenue and Pump.fun activity.
Is Pump.fun Casino Collapsing?
While cryptocurrency prices in general remain in limbo, Pump.fun’s regression may signal a pattern of decline for Solana’s memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, achieving this milestone in roughly seven months. However, its peak may have passed, as many debate whether the platform was a net positive for crypto and DeFi.
At its peak, Pump.fun allowed developers to airdrop over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, turning speculative investors into overnight millionaires, or sometimes even erasing 99% of capital in seconds.
The SOL chain became the hotbed of memecoin and creators like Vitalik Buterin voiced Concerns about the trend. The main concerns arose from the sustainability of Pump.fun and the casino spirit it promoted.
However, Pump.fun is still active and continues to produce dozens of memecoins daily. An analysis by crypto.news found that the oversaturation of meme tokens correlated With weak average profits, less than 1% of memecoin traders made more than $1,000 from speculative trading.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.