Transactions Volume in Solana Network Reaches a Yearly High
The Solana blockchain has experienced a surge in daily transaction volume, reaching over $40 billion. This is the highest level recorded since October 2022, according to a report by The Block.
This marks a 700% increase from the beginning of December 2023 when the daily volume was $5 billion.
Sandra Leow, research manager at Nansen, noted a significant increase in the daily number of transactions on the Solana blockchain, from 20-30 million to around 50 million.
She also observed a growth in the number of daily active wallets on the network, from 120,000 in October 2023 to 470,000 in January 2024.
Data scientist Andrew Hong pointed out that, after the SOL, USDT, and USDC tokens, the majority of transactions on the Solana blockchain are done using WIF and BONK meme tokens.
According to CoinGecko, BONK has been the top performer of 2023 among the top 100 digital assets by market capitalization, with a growth rate of 7302.9%.
