Solana Transaction Volume Reaches Annual High

Daily transaction volume on the Solana blockchain has surpassed $40 billion, marking the highest level since October 2022, according to The Block.

The current figure represents a 700% increase from early December 2023, when it was $5 billion.

Nansen research manager Sandra Leow noted an increase in daily transactions on the blockchain from 20-30 million to approximately 50 million.

“We also see the number of daily active wallets on Solana rising from 120,000 in October 2023 to 470,000 in January 2024,” she added.

Data specialist Andrew Hong highlighted that after SOL, USDT, and USDC, the main transaction volume in the network is driven by meme tokens WIF and BONK.

According to CoinGecko, BONK led the top 100 digital assets by market capitalization in 2023 with a growth rate of 7302.9%.

In December, a crypto trader known as Blockgraze turned $1,000 into $200,000 by trading WIF. He purchased the meme token in late November following its debut on Solana’s DeFi market.

In the same month, an unknown trader managed to earn $2 million in 22 days from a single trade with the meme coin SILLY, investing 1 SOL (approximately $62 at the time). On-chain data shows the user noticed the coin five minutes after trading began and bought 43.1 million SILLY.

Earlier, an unknown trader earned over $5.7 million in six days by investing just 30 SOL ($2,220). He acquired 16 billion ANALOS coins in the first minute of trading in the Raydium liquidity pool.