Data released by the Solana Foundation earlier this year revealed that the Solana network has a robust developer community, with over 2,500 active monthly developers, highlighting its appeal as a blockchain ecosystem.
Data from Electric Capitalâs blockchain development tracker, Developer Report, corroborates this. It shows that as of July 1, 2024, Solanaâs developer count was 2,856, rising from a low of 2,479 on Jan. 1, 2024. This suggests that Solanaâs developer count has been rising throughout 2024, reaching an 18-month high of 3,391 in April.
This significant increase in Solana developer community activity was driven by an uptick in the development of new memecoins. At the time of writing, there are more than 610 memecoins built on Solana, as per data from CoinGecko.
Notably, Solanaâs rally on Oct. 14 coincides with an ongoing recovery in the prices of memecoins on its network. Most are posting double-digit daily gains, as shown in the figure below.
This rise in the prices of memecoins accompanies a surge in onchain activity within the Solana ecosystem, which increases demand and, eventually, the price of SOL.
