In a recent surge of activity, Solana has experienced a notable increase in on-chain volume, achieving a new record high. On March 15th, the blockchain’s volume soared past $3.79 billion, outstripping its previous highest volume of $2.85 billion. This milestone underscores the growing interest and activity within the Solana ecosystem.
Surging Network Activity Indicates Rising User Engagement
The following day, Solana nearly matched its record-breaking figure with an impressive volume of $3.44 billion. Current 24-hour volumes hold strong at $3.61 billion. In tandem with these financial metrics, the average number of daily active addresses on the network shows an upward trajectory, indicating an expanding user base.
Moreover, there’s been a consistent climb in the creation of new addresses on Solana’s network, with about 870,000 freshly minted addresses reported recently. This signal of widening adoption complements the spike in transaction fees on the network, which also reached new heights with 20,350 SOL ($3.83 million) accrued predominantly from non-priority transactions.
Memecoin Mania Drives Trading Volume and Creativity
Fuelled by the viral nature of memecoins, the Solana blockchain has become a hub for these assets. One such token, Book of Meme (BOME), witnessed an astonishing 1500% increase in value shortly after its release and subsequently found its way onto the Binance trading platform.
The flurry of activity extends to presales, exemplified by artist Kero’s successful fundraising campaign, amassing roughly $10.66 million or 55,000 SOL. All the while, dog-themed Solana memecoins like Dogwifhat and BONK continue to generate substantial trade volumes. This memecoin craze has led to Solana’s decentralized exchange aggregator Jupiter even outpacing Uniswap V3’s Ethereum DEX in 24-hour volume.