Crypto NewsNewsTrading Volumes on Solana (SOL) Have Increased 7-Fold in the Last One...

Trading Volumes on Solana (SOL) Have Increased 7-Fold in the Last One Month: “Driven by Three Memecoin Pairs”

According to Onchain data, transaction volumes of tokens in the Solana ecosystem have increased surprisingly in the last month.

Follow Bitcoin Sistemi Google News Button

Solana (SOL)-based cryptocurrencies have seen a significant increase in transaction volumes, reaching the highest level in over a year. The economic transaction volume of tokens using the SPL token standard has increased by a staggering 700% in the last 30 days.

According to data from The Block, daily transaction volume on Solana exceeded $40 billion, reaching the highest level since October 2022.

Compared to volumes recorded in early December, when the seven-day moving average of trading volumes was approximately $5 billion, the current value traded on Solana has increased by 700%.

Related News  While Everyone is Waiting for Approval for Bitcoin Spot ETFs, Expert Draws Attention to Another Possibility: "Nobody Expects This"

Nansen Research Manager Sandra Leow noted that Solana-based transactions have grown from approximately 20 to 30 million transactions per day to now over 50 million. “We also see daily active wallets on Solana increasing from approximately 120,000 in October 2023 to approximately 470,000 in January 2024,” Leow said.

Data scientist Andrew Hong stated that onchain analysis shows that the primary volume in the Solana ecosystem following the SOL-USDT/USDC pairs is supported by three memecoins. “You can see that the largest volume is provided by the USDC, USDT and SOL pairs, followed by the three that are memecoin: SOL-BONK, SOL-WIF, USDC-BONK,” Hong said, referencing a recent Dune Analytics chart.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

Inline Feedbacks
View all comments

Popular Posts of the Week