Solana trading volume reaches peak in more than a year as memecoin rises

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Solana’s daily trading volume has exceeded $40 billion. This is the highest level since October 2022.

At the same time, the economic throughput of tokens built using the SPL standard increased to its highest level since late 2022.

Solana’s current trading volume is up 700% compared to the volume recorded in early December, when the seven-day moving average volume was only around $5 billion.

Source: Hello Moon

Sandra Leow, director of research at Nansen, said, “Solana-based transaction volume has increased from approximately 20 to 30 million transactions per day to approximately more than 50 million transactions today.”

Lewis Stock:

“We also saw the number of daily active wallets on Solana increase from approximately 120,000 in October 2023 to approximately 470,000 between January 2024 and today.”

Memecoin market activity on Solana is very active

Data scientist Andrew Hong pointed out that on-chain analysis shows that the main transaction volume of the Solana ecosystem is driven by three memecoins, following the SOL-USDT/USDC pair.

Hong cited a recent chart from Dune Analytics, highlighting that “you can see that most of the volume is driven by USDC, USDT and SOL pairs, and then the next three pairs are meme coins.”

Solana becomes the best performing altcoin in 2023. During the December cryptocurrency market rally, many Solana-based memecoins surged in value. For example, as of January, BONK was up more than 7,000% from the same period last year.

Source: Dune Analysis

Big profit

Many reports have appeared on social networks about “huge” profits from successful memecoin transactions based on Solana. According to blockchain analytics platform Lookonchain, one trader made $2 million after buying memecoin.

“This trader started at 1.5 SOL and made $2 million in 22 days, a 21,715x increase,” Lookonchain postal on X.

Despite the success stories that have emerged over the past month, Solana memecoin developer Tommy McKaughan emphasized that the market “is a volatile industry and traders should remain cautious as past success does not guarantee future profits.”