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%.
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.