- The number of daily active wallets has increased by 37% year to date.
- Solana’s DEX trading volume nearly doubled during the week.
The popular smart contract blockchain Solana (SOL) has been experiencing active network participation since early March.
Solana has seen a surge in active wallets.
Analysis of AMBCrypto’s Step Finance dashboard shows that the number of daily active wallets is up 37% year to date, with 794.9K on March 7 the second-highest figure of 2024.
Source: Step Finance
A unique active wallet is one that pays fees for at least one transaction within a given period of time.
As you can see in the graph, daily counts have been parabolic since November 2023. Before that, Solana had less than 100,000 daily active wallets.
Solana DEX trading volume surges
The exponential growth in the number of daily users can be attributed to the increased activity of Solana-based decentralized exchanges (DEXs).
According to AMBCrypto’s analysis of DeFiLlama’s data, Solana remained numero uno in DEX volume, outpacing Ethereum (ETH) for the second day in a row.
Over the past week, Solana’s DEX trading volume has nearly doubled to $16.74 billion, a record high.
Source: DeFiLlama
Popular Solana DEXes like Jupiter (JUP) and Orca fueled the surge as they ranked among the top five DEXs by 24-hour trading volume, according to CoinGecko.
Solana: Meme Coin Chain
The surge in DEX trading can be attributed to the ongoing meme coin craze, during which major coins in the sector have recorded notable gains.
Solana-based meme coins such as Bonk (BONK) and dogwifhat (WIF) are up 18% and 71%, respectively, during the week, according to CoinMarketCap.
In fact, the WIF/SOL and WIF/USDC trading pairs were among the top 10 most traded pairs on the Jupiter exchange over the past 24 hours.
How much is 1,10,100 SOL worth today?
Ethereum has long been the go-to chain for memecoin transactions, but Solana’s recent success has made the competitive landscape even more striking.
Meanwhile, the network’s native token, SOL, was trading at $146.76 at press time, up 14% for the week. Monthly gains for the fifth-largest cryptocurrency reached a whopping 42%.