Solana Activity Amid Memecoin Surge: What You Need to Know

Memecoins Driving Solana Activity Growth: But How?

A noticeable increase in activity has been observed in the Solana network over the last few weeks. The daily non-vote transaction seven-day moving average (7DMA) hit 46 million, the most since January 2022. Since its lowest point of 21.9 million transactions in late April 2024, it has nearly doubled.

• The Solana ecosystem’s burgeoning memecoin economy is the reason for this spike in non-vote transactions.
• This rise has been greatly aided by platforms such as Pump.fun.

Solana’s Market Capitalization Remains Stable Despite High Trading Volume: Causes and Impacts

As of this writing, SOL has a $73 billion market cap, despite the fact that transaction activity has increased dramatically over the last three months. The market capitalization of Solana’s native token has not kept up with the large increase in network transactions, which indicates a significant disparity between the volume of non-vote transactions on the network and the latter.

The Solana network claims 1.45 million active addresses daily based on its 7DMA, meaning that an average active user completes more than 30 transactions every day. Compared to Ethereum, where the average active address transacts just twice a day, this is a stark but expected disparity.

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