Solana’s blockchain has surpassed previous records for daily network users.
According to Artemis.XYZ DataSolana (SOL) has recorded the highest number of daily active addresses in blockchain history, despite the fifth-largest cryptocurrency hitting its April and January lows. As of this writing, a single SOL coin is worth around $136.
Artemis noted that SOL’s 24-hour user count surpassed the five million mark on September 10, while the chain’s closest competitor hit just over 2.5 million daily active wallets on the same day.
Solana activity surges, but memecoin sector slides
Solana has made a breakthrough in active addresses despite the decline in activity in its memecoin sector. Specifically, Pump.fun has seen lower fees since its peak in late July.
Last week, data confirmed an 80% drop in revenue generated by the memecoin launchpad. SOL’s public fees and prices have also fallen since July, highlighting the correlation between SOL revenue and Pump.fun activity.
Is Pump.fun Casino down?
While broader cryptocurrency prices remain in a state of uncertainty, Pump.fun’s decline could signal a downward trend for Solana memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, achieving the milestone in about seven months. However, its peak may have passed, with many debating whether the platform is a net positive for crypto and DeFi.
At its peak, Pump.fun allowed developers to launch over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, turning speculative investors into millionaires overnight or sometimes destroying 99% of their capital in seconds.
The SOL chain has become an incubator for memecoins, and creators like Vitalik Buterin have expressed concerns about this trend. The main concerns stemmed from the sustainability of Pump.fun and the casino-like ethics it promoted.
However, Pump.fun remains active, and continues to produce dozens of memecoins daily. An analysis by crypto.news found that memecoins oversaturation is associated with poor average gains. Less than 1% of memecoins traders have made more than $1,000 from speculative trades.