Solana October Surge: SOL Breaks Record with 123M Active Addresses as Raydium, Pump.fun Drive Memecoin Growth
Last month, Solana had more than 123 million active addresses, its largest monthly total ever. In comparison to September, the number of distinct addresses that signed transactions in Solana rose by more than 42%, according to The Block’s analytics dashboard. In January of this year, the number of active addresses on the network was fewer than 12.7 million. Memecoin trading on the network is becoming more and more popular, according to analysts, and platforms like the decentralized exchange Raydium and the memecoin creation tool Pump.fun, which both had significant activity in the last month, are helping to encourage this trend.
Is Solana’s Memecoin Momentum Sustainable? Insights from the a16z State of Crypto Report
With over 100 million monthly active addresses on Solana compared to roughly 57 million on Ethereum and other EVM chains, according to October’s a16z’s State of Crypto report, Solana appears to have a greater user engagement rate. According to DefiLlama data, Raydium saw over $30 billion in trading volume in October, while Pump.fun generated over $30.5 million in revenue each month.
Specifically, pump.fun has registered a record amount of new tokens launched in October, while Raydium also saw the biggest monthly volume in the same month. It is unclear if this memecoin narrative would be sustainable if other narratives take over and the market attention shifts elsewhere. Still, there are many varieties of apps and infrastructure hosted on Solana – from DeFi to DePIN – that Solana is likely here to stay despite an increasing amount of blockchains competing for liquidity and user activity.
Eden Au, Research Director at The Block
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