Solana’s blockchain has surpassed previous records for daily network users.
According to Artemis.XYZ data, Solana (SOL) recorded the highest number of daily active addresses in blockchain history, despite the fifth-largest cryptocurrency revisiting its lows from April and January. As of this writing, a single SOL coin was worth around $136.
Artemis noted that SOL’s 24-hour users exceeded the five million mark on Sept. 10, while the chain’s closest competitor hovered just above 2.5 million daily active wallets on the same day.
Solana’s activity surges, but memecoin sector slips
Solana’s active address milestone occurred despite decreased activity in its memecoin sector. Specifically, Pump.fun has generated fewer fees since its peak in late July.
Last week, data confirmed an 80% decline in revenue generated by the memecoin launchpad. General SOL fees and prices have also slumped since July, highlighting a correlation between SOL revenue and Pump.fun activity.
Is the Pump.fun casino crashing?
Although broader crypto prices remain in limbo, Pump.fun’s regression may signal a declining pattern for Solana memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, achieving this milestone in roughly seven months. However, its peak may have passed, as many debate whether the platform was a net positive for cryptocurrency and DeFi.
At its height, Pump.fun allowed developers to launch over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, turning speculative investors into overnight millionaires or sometimes obliterating 99% of capital in seconds.
SOL’s chain became the memecoin hotbed, and creators like Vitalik Buterin expressed concerns about the trend. The chief worries stemmed from Pump.fun’s sustainability and the Casino-like ethos it promoted.
Nevertheless, Pump.fun remains active, continuing to produce scores of memecoins daily. A crypto.news analysis found that the oversaturation of meme tokens correlated with weak average gains. Less than 1% of memecoin traders earned over $1,000 from the speculative plays.