Lucía Peña
Solana recently reported a record-breaking 123 million active addresses in October, marking its highest monthly user activity to date. Data from PRIME dashboard showed a 42% increase in unique addresses signing transactions compared to September, up from less than 12.7 million active addresses in January.
Analysts attribute this surge in Solana’s activity to a wave of memecoin trading, propelled by platforms such as Pump.fun, a popular memecoin creation app, and the decentralized exchange Raydium. Both platforms witnessed substantial increases in activity throughout October.
According to a16z’s recent State of Crypto report, the blockchain network recorded over 100 million monthly active addresses, surpassing Ethereum and other EVM-compatible chains, which registered around 57 million addresses, highlighting stronger user engagement on Solana’s network.
Record Revenue and Trade Volumes
Pump.fun generated over $30.5 million in revenue last month, while Raydium processed more than $30 billion in trade volume, as reported by DefiLlama. “Pump.fun saw a record number of new tokens launched, and Raydium experienced its highest monthly trade volume in October,” commented Eden Au.
Au added, “It’s uncertain if the memecoin trend will maintain its momentum, especially if attention shifts to other narratives. However, the blockchain network’s diverse app ecosystem, from DeFi to decentralized physical infrastructure networks (DePIN), suggests the network will remain competitive despite growing blockchain alternatives.”
Justin D’Anethan, head of business development at Keyrock, noted Solana’s appeal for users prioritizing transaction speed and low fees, describing the network as a high-performance alternative to Ethereum and Bitcoin. “For frequent or small transactions, Solana’s structure is ideal, while Ethereum’s fees can reduce profitability,” D’Anethan said.
The Rise of AI-Inspired Memecoins on Solana
The Goatseus Maximus (GOAT) meme token, linked to the AI-powered Terminal of Truths chatbox, contributed to Solana’s popularity, inspiring a wave of AI-themed memecoins on the network.
Currently, SOL trades at $161, reflecting a 12% rise over the last month, according to PRIME’s price data.
