The Solana network’s daily active addresses recently hit a new all-time high record despite the decreasing users on its Pump.Fun platform.
This is an amazing achievement, considering the current struggle of the network’s native token, SOL, to maintain its price.
This looks more like Solana is resisting the current slowdown in the crypto market with its increasing active addresses.
This increase in active addresses placed Solana above other major Blockchains, such as Polygon, Aptos, Avalanche, and Tron, as seen in a chart shared by DEGEN on the X platform.
Solana’s Daily Active Addresses Hit A New All-time High
According to Artemis, on Monday, September 9, the Solana network experienced a surge in its daily active users to 5.4M. This is the highest recorded number of active addresses in history.
The recorded inflow surpassed that of many other networks. NEAR protocol came close with just 2.9M active addresses.
As seen in the chart, the increase in Solana’s daily active addresses began gradually in late August and rose to its Monday record. The 5.4M active addresses recorded on the Solana Blockchain was about a 100% increase from its 2.8M active addresses recorded on September 8.
Solana Witnessed Decreasing Users On Pump.Fun
Contrary to general belief, Solana’s Pump.Fun meme coin launchpad is reporting dwindling activities despite the recent upsurge in active users.
Shortly after it was launched, Solana’s Pump.Fun triggered a significant increase in the number of active addresses on the Solana network. This happened because a number of users flowed to the network to launch new meme coins on the network.
Soon after, the meme coin launchpad gradually became the fastest-growing platform in history, with over $100M in revenue in about seven months.
However, the Pump.Fun protocol began to see drastic reductions in the number of users due to widespread criticisms. This transferred to the Solana network at large, which also began to experience underwhelming dwindling active users.
But currently, the Solana network has bounced back from the drop-off, shattering all records with its new all-time high record.
The Upsurge’s Implication For SOL’s Price
While SOL is currently struggling to keep its price, there are speculations that the price of SOL could benefit from this upsurge in Solana’s active addresses.
Investors speculate that with this increase in the network’s daily active users coupled with the Solana event coming up next week, SOL could experience a price rally.
Therefore, there is more likelihood of a surge in SOL’s price in a few weeks.
At press time, Solana (SOL) was trading at $131.56, an increase of about 5% in the past 24 hours.
