The number of users on Solana has seen an astonishing increase, largely driven by the so-called 'Trump trade.' According to the latest analysis, as of the end of the last quarter, Solana's user base has surpassed 100 million, marking an unprecedented wave of user growth for this blockchain platform.
Data shows that at the beginning of the year, Solana's monthly active addresses were only about 13.8 million. Since August, this number has seen a significant rise, especially in October, where the number of active addresses jumped directly to over 100 million. This means that compared to the beginning of the year, the daily active addresses on Solana have increased by over 970%. As we enter November, this growth momentum remains strong, with daily active addresses stabilizing at over 5 million.
Behind the surge in Solana users, an undeniable factor is the prosperity of memecoin activities on the platform. The number of memecoins on the Solana network has significantly increased, attracting a flood of projects and capital. As of the latest statistics, the market value of memecoins on Solana has exceeded $12.4 billion, accounting for over 17% of the total memecoin market value, highlighting Solana's important position in the expanding meme-token ecosystem.
The surge in memecoin activities not only increases the number of users but also diversifies Solana's ecosystem. It attracts both casual users and serious investors looking to invest in alternative assets within a fast and affordable network infrastructure. Meanwhile, the frenzy around the 'Trump trade' has also fueled the overall rise of the cryptocurrency market, with Solana [SOL] standing out in particular. In the past 24 hours, the price of SOL has increased by over 8%.
From a technical indicator perspective, SOL has successfully broken through the 50-day and 200-day moving averages, showing a strong bullish trend. Since late October, SOL has maintained an upward trend, indicating that investor confidence in the asset is continuously strengthening. The increase in trading volume further supports this price momentum, demonstrating strong investor interest in Solana.
If SOL can continue to maintain support above key price levels, it may continue to rise, driven by sustained market demand and favorable market sentiment surrounding its expanding ecosystem, reaching new heights. The frenzy of the 'Trump trade' adds more fuel to this feast.
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