Original Article Title: "November Solana On-chain Data Sees Explosive Growth: Phantom Breaks into Apple Store Download Charts, MEME Coin PVP Difficulty Increases"

Original Article Author: Frank, PANews

On November 21, the Solana ecosystem crypto wallet Phantom ranked fifth on the Apple App Store US free app chart. It ranked first in the Utilities category. This should be the best performance of a native crypto app in a mainstream app store. The reason behind this is the recent explosive on-chain data on Solana.

Is the crypto world experiencing a truly active period? What other meaningful facts are hidden behind the active data on Solana's chain? PANews conducted an in-depth analysis of Solana's on-chain performance.

Solana On-chain Data Sees Twofold Growth in November

First, let's review the amazing performance of Solana's on-chain data recently. On November 9, the active wallet data on Solana was 4.33 million, which reached 7 million active wallet addresses by November 21. On October 5, this data was only 893,000, an increase of nearly 8 times in just over a month. On November 3, the number of new accounts was 10.19 million. By November 20, the number of new accounts reached 21.75 million, more than doubling.

The biggest driving force during this period mainly came from the MEME coin. The performance of Pump.fun data is particularly impressive. Data on November 2 shows that Pump.fun's app interactions were 130 million times, reaching a high of 489 million by November 20, an increase of nearly 4 times. In terms of 24-hour active users, it was 81,500 on November 3, reaching a peak of 277,000 on November 21, more than tripling. Total transaction volume also increased, from 1.82 million transactions on November 3 to 4.82 million transactions on November 22.

Behind the active users is a significant increase in transaction amounts. According to Defillama data, Solana network decentralized exchange (DEX) trading volume in November surpassed $100 billion for the first time, reaching $109.8 billion. This data is close to twice the monthly DEX trading volume on the Ethereum mainnet ($55 billion) and increased by over 100% compared to October's $52.5 billion.

The current monthly active address count on Solana has reached 1.075 billion and is expected to surpass the record of 1.23 billion set in October by the end of the month. The SOL token has recently broken its 2021 all-time high, reaching $264.

MEME Active, but PVP Difficulty Increasing

Let's take a look at the daily average active address count of meme coins.

Before describing specific data, it is necessary to explain Solana's new account mechanism. The new account address count mentioned here is not the active address count as described in a typical blockchain explorer. It represents all new token addresses on the Solana blockchain. For example, a user's address may buy multiple tokens, and each purchase of a new token will create a new account address. Therefore, this new account address count is much higher than the active wallet address count.

Comparing the data from November 1st and November 20th. On November 1st, the active address count was 4.74 million, with 12 million new accounts on that day, averaging 2.53 new token addresses created per active address. On November 20th, the active wallet count was 6.66 million, with 21.75 million new accounts, averaging 3.26 new tokens purchased per active wallet. This data shows that not only has the overall data experienced significant growth, but user transaction enthusiasm has also received a major boost.

For meme traders caught up in the craze, does the surge in on-chain data represent an opportunity for growth or a decrease in probabilities? How many holders does each token have daily? On November 1st, the number of new SPL tokens generated that day was 22,908, with 12 million new account addresses, averaging 524 new addresses per new token. By November 20th, the new SPL token quantity was 76,838, with 21.74 million new account addresses, averaging 283 addresses per SPL. This suggests that although overall on-chain activity is increasing, it seems to have led to a more intense player vs. player (PVP) scenario, where the speed of token issuance far exceeds the rate of new user adoption.

90s and 00s Male Users Dominate the Solana Blockchain

One of the applications benefiting most from the Solana blockchain is the Phantom wallet. On November 21st, the Phantom wallet reached its highest ranking in the Apple App Store, ranking 6th overall and 1st in the utilities category. Prior to November 6th, Phantom did not even have ranking data. Within half a month, it skyrocketed from 95th place in the utilities ranking to the top spot.

Based on similarweb data, from user data analysis, Phantom's recent growth is most prominent in Brazil and the United States. The traffic from the United States reached 27.38%, with a 24.82% growth in the past month. While Brazil's proportion is not high, at 2.97%, its growth rate is 70.17%. The top five countries are: United States, United Kingdom, Russia, Brazil, Pakistan.

Among Phantom's audience, males account for 70.5% and females 29.5%. The largest age group of visitors is 25-34 years old, accounting for 41.76%, while users aged 18 to 24 make up 20%. From this data, it can also be seen that the main players of on-chain MEME are concentrated in the post-90s to post-00s generation, with this age group accounting for over 60%.

Only Sui from Layer 1 Chains Followed Solana's Data Growth

Was this data surge limited to Solana alone or a collective surge across the network?

Looking at the App Store's growth data, most cryptocurrency-related apps have shown growth. Apart from Phantom, Coinbase's recent ranking has also risen to the 29th position on the overall chart, ranking first in the finance category. Meanwhile, Solflare, DEX Screener, MetaMask, and Crypto.com have all experienced varying degrees of growth and entered the top ranks of the data chart.

On the other hand, observing on-chain data, Ethereum has also seen an uplift in data since November. However, the increase is not significant. The number of active Ethereum addresses was 437,000 on November 6, reaching a peak of 545,000 on November 22, an increase of about 24.7%. Other data also saw slight improvements but nothing close to a surge.

Sui seems to be able to keep up with Solana's pace in terms of growth. The daily active addresses were 617,000 on November 5, and by November 23, they had exceeded 1.4 million, with growth exceeding 1x. However, it is unknown if the Sui network has once again been hit by a spam attack. On November 22, the network's daily transaction count exceeded 298 million, leading to a brief network interruption. This data not only increased by 20 times compared to the previous daily average of 15 million transactions but also broke the single-day transaction record of all blockchain networks. However, such sudden surges in data have occurred several times on Sui, so the crypto community seems not very surprised by this.

Currently, this on-chain data surge phenomenon is mainly led by Solana's MEME coins frenzy. However, this wave of enthusiasm has also begun to cool down in recent days. Starting from November 21st, Solana's on-chain activity has started to decline, and the number of active wallets has now basically returned to the pre-boom level. Although the number of newly created tokens per day is still at around 60,000 on average, the number of new account creations has significantly decreased. This also indicates that while the daily token issuance is still considerable, the number of holders for each token has noticeably decreased.

For MEME players who are enthusiastic about PVP, paying more attention to some on-chain macro data to adjust their positions may also be a wise choice.

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