On November 21, the Solana ecosystem wallet Phantom ranked fifth in the free app rankings of the Apple App Store in the United States, and first in the tools category. This achievement should be regarded as the best success for a crypto-native application in the mainstream app market. The reason behind this success stems from the recent explosive data on the Solana chain.

Is the cryptocurrency world entering a truly active period? What more meaningful facts are hidden behind the active data on the Solana chain? PANews provides an in-depth analysis of Solana's on-chain performance.

Solana's on-chain data saw a doubling in November.

First, let's review the astonishing performance of the Solana chain recently. On November 9, the active wallet data was 4.33 million, reaching 7 million active wallet addresses by November 21. On October 5, this data was only 893,000, showing 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.

During this period, the biggest driving force mainly comes from MEME coins. The performance of Pump.fun data is particularly outstanding. Data from November 2 shows that Pump.fun's application interaction volume was 130 million, peaking at 489 million by November 20, growing nearly 4 times. In terms of daily active users, November 3 had 81,500, peaking at 277,000 by November 21, surging more than 3 times. Total trading volume also saw a rise, with November 3 having 1.82 million transactions, and by November 22, this figure rose to 4.82 million transactions.

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

Currently, Solana's monthly active address count has reached 107.5 million, and it is expected to break the record of 123 million set in October by the end of the month. The SOL token has recently surpassed its historical high of 264 USD from 2021.

MEME activity is high, but PVP difficulty is greater.

Let's take a look at the daily situation of the average number of active addresses.

Before describing specific data, it is necessary to explain Solana's new account mechanism. The new account addresses referred to here are not the same as the active address count described in conventional blockchain explorers, but rather the total number of new token addresses on the Solana chain. For example, a user address may buy multiple tokens, and every time a new token is purchased, a new account address is created. Consequently, the number of new account addresses is much higher than the number of active wallet addresses.

Comparing data from November 1 and November 20. On November 1, the number of active addresses was 4.74 million, with 12 million new account addresses that day, averaging 2.53 new token addresses created per active address.

As of November 20, the number of active wallets was 6.66 million, with new accounts totaling 21.75 million, averaging 3.26 new tokens bought per active wallet. This data illustrates that not only has the overall data experienced tremendous growth, but users' trading enthusiasm has also greatly increased.

But does the surge in on-chain data present an opportunity for growth or a decrease in chances for MEME players? How many holders are there for the daily tokens? On November 1, the number of newly generated SPL tokens was 22,908, with 12 million new accounts created that day, averaging 524 new addresses per new token. By November 20, the number of new SPL tokens was 76,838, with new account addresses reaching 21.74 million, averaging 283 new accounts per SPL. This also indicates that while the overall heat on-chain is increasing, it seems to have led to a more competitive PVP phenomenon, with the speed of token issuance far exceeding the speed of new user entry.

Males born in the 90s and 00s are the main force on the Solana chain.

The most profitable application on the Solana chain is undoubtedly the Phantom wallet. On November 21, Phantom's ranking in the Apple App Store reached a high of 6th overall and 1st in the tools category. Before November 6, Phantom had no ranking data, and within half a month, it skyrocketed from 95th to 1st in the tools list.

According to data from Similarweb, based on user data analysis, Phantom's recent growth is the most significant in Brazil and the United States. Traffic from the United States reached 27.38%, growing 24.82% in the past month. Although Brazil's share is low at 2.97%, it has grown by 70.17%. The top five countries are: the United States, the United Kingdom, Russia, Brazil, and Pakistan.

Among Phantom's audience, males account for 70.5% and females 29.5%. The largest visitor age group is 25-34 years old, accounting for 41.76%, while users aged 18 to 24 make up 20%. This data also shows that the main players in the on-chain MEME space are concentrated among those born in the 90s and 00s, representing over 60% of the demographic.

Only Sui has kept pace with Solana's data growth.

Is this data explosion limited to Solana, or is it a collective outbreak across the entire network?

Looking at the growth data from the App Store, most crypto-related applications have shown growth. In addition to Phantom, Coinbase's ranking has recently risen to a high of 29th overall and 1st in the finance category. Other applications such as Solflare, DEX Screener, MetaMask, and Crypto.com have also grown to varying degrees and entered the data rankings.

In contrast, Ethereum's on-chain data performance has also seen some boost since November, but the increase is not significant. The number of active Ethereum addresses was 437,000 on November 6, peaking at 545,000 on November 22, an increase of about 24.7%. Other data also saw slight improvements, but nothing dramatic.

Sui seems to be keeping pace with Solana's growth, with daily active addresses reaching 617,000 on November 5, and surpassing 1.4 million by November 23, also more than doubling. However, it is unclear whether Sui's network once again faced a spam attack, as on November 22, network transactions exceeded 298 million, causing a brief network outage. This data not only improved by 20 times from the previous daily average of 15 million transactions but also broke the record for single-day transaction volume across all blockchain networks. However, such sudden spikes in data have happened multiple times on Sui, so the crypto community seems not to be too surprised.

Currently, this explosive growth in on-chain data is mainly driven by the popularity of MEME coins on Solana. However, this wave of enthusiasm has also begun to cool in recent days. Since November 21, active data on the Solana chain has started to decline, and the number of active wallets has largely returned to pre-surge levels. The daily number of newly created tokens remains around 60,000, but the number of new accounts has significantly declined. This indicates that while the daily issuance of tokens is still substantial, the number of holders for each token has noticeably decreased.

For MEME players who are keen on PVP, paying attention to some on-chain macro data to adjust positions might also be a wise choice.