- The number of daily active wallets has increased by 37% in the past month.
- Solana’s DEX volumes nearly doubled during the week.
Popular smart contracts blockchain Solana [SOL] has had robust network participation since early March.
Solana sees a jump in active wallets
According to AMBCrypto’s analysis of Step Finance dashboardthe number of daily active wallets has increased 37% month-to-date, with the March 7 count of 794.9K being the second highest in 2024.
Source: Step Finance
Unique active wallets are wallets that pay fees for at least one transaction within a certain time frame.
As the chart shows, the daily count has gone parabolic since November 2023. Previously, Solana saw fewer than 100,000 active wallets daily.
Solana DEX volumes are rising
The exponential increase in the number of daily users can be attributed to the increasing activity on Solana-based decentralized exchanges (DEXs).
According to AMBCrypto’s analysis of DeFiLlamas data, Solana outperformed Ethereum [ETH] at the numero uno position in DEX volumes for the second consecutive day.
This past week, Solana’s DEX volumes nearly doubled to $16.74 billion, marking its most productive week ever.
Source: DeFiLlama
Popular Solana DEXs like Jupiter [JUP] and Orca drove the increase, which is in the top 5 of DEXes according to 24-hour volumes Coin gecko.
Solana: the meme coin chain
The spike in DEX trading can be attributed to the ongoing meme coin frenzy, with leading industry coins making notable gains.
Solana-based meme coins like Bonk [BONK] and dog hat [WIF] rose 18% and 71% respectively over the week CoinMarketCap.
In fact, the trading pairs WIF/SOL and WIF/USDC were among the top 10 most traded on the Jupiter exchange in the last 24 hours.
How much are 1,10,100 SOLs worth today?
While Ethereum has long been the go-to chain for memecoin trading, Solana’s recent successes have boosted the competitive landscape.
Meanwhile, the network’s native token SOL exchanged hands for $146.76 at the time of writing, after rising 14% during the week. The fifth largest crypto’s monthly gain was an impressive 42%.