Solana Hits Record High for Daily Active Addresses!

Table of Contents

• Solana’s Activity Surges, But Memecoin Sector Slips
• Is the Pump.fun Casino Crashing?

Solana’s Activity Surges, But Memecoin Sector Slips

Solana (SOL) has achieved a new milestone by recording the highest number of daily active addresses in blockchain history. According to data from Artemis.XYZ, on September 10, the blockchain surpassed five million daily active addresses. This achievement is particularly notable as it comes even though Solana has revisited its previous lows from April and January. As of now, one SOL coin is valued at approximately $136.

Artemis.XYZ’s data shows that Solana’s 24-hour user count exceeded five million, significantly outpacing its nearest competitor, which had just over 2.5 million daily active wallets on the same day.

Is the Pump.fun Casino Crashing?

Despite Solana’s impressive record, the memecoin sector, particularly through platforms like Pump.fun, has experienced a decline. Since its peak in late July, Pump.fun has seen an 80% drop in revenue, highlighting a possible correlation between the declining activity in the memecoin sector and the general slump in SOL fees and prices since July.

Although broader cryptocurrency prices remain uncertain, Pump.fun’s regression could signal a downward trend for Solana-based memecoins. At its peak, Pump.fun was the fastest decentralized finance (DeFi) platform to reach $100 million in revenue, accomplishing this in about seven months. However, its peak might be behind it, with ongoing debates about the platform’s overall impact on cryptocurrency and DeFi.

During its height, Pump.fun enabled the launch of over 500,000 tokens in a single month, resulting in a flood of memecoins on Solana-based exchanges like Raydium. This led to speculative investors experiencing rapid gains or losses, sometimes obliterating 99% of their capital in moments. Despite the current downturn, Pump.fun continues to generate new memecoins daily. Analysis by crypto.news indicates that the oversaturation of meme tokens is associated with weaker average returns, with less than 1% of traders earning over $1,000 from these speculative assets.