The recent surge in the cryptocurrency market has led to significant excitement within blockchain ecosystems. According to blockchain data analytics platform The Block’s Data Dashboard, the number of daily new addresses on the Solana blockchain ecosystem has reached an all-time high. Based on a seven-day moving average, the number of daily new addresses on the Solana network is currently over 691,000.
Intense Interest in the Solana Ecosystem
Zeta Markets founder Tristan Frizza believes that the rising adoption data points to genuine user activity on the network. Frizza commented on the matter:
“This shows that we are not just witnessing speculative interest, but also that we are ready to see all-time high levels because of this real participation. With Solana already recording more daily transactions than the combined total of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche, its rise to the top three blockchain ecosystems by market value seems inevitable.”
Frizza also added that there has been an increase in trading volumes on the DEX platforms serving the Solana ecosystem, consistently exceeding the daily $2 billion transaction threshold since the beginning of March. Zeta Markets’ founder further commented:
“With Bitcoin reaching all-time high levels several times over the past week, similar movements are expected for Ethereum and Solana due to the effect of capital rotations in the markets.”
What’s Happening in the Solana Ecosystem?
Frizza mentioned that Solana is still significantly below its all-time high of $260 reached in November 2021. According to Tradingview data, the increase in new Solana addresses coincided with a more than 12% rise in the SOL price over the last seven days. The GM 30 Index, representing the top 30 cryptocurrencies, rose 3.57% in the last 24 hours to 157.54.
The hype in the Solana ecosystem can be linked to a significant momentum in SOL price and the rise in meme coin projects associated with ongoing airdrop events. The fact that these airdrop events for users are not based on past activity has led to a rush of new users entering the ecosystem.
