Solana’s User Base Soars Amid Memecoin Surge in 2024
– Solana (SOL) experienced strong user base growth in 2024, primarily driven by the activity of memecoins on the platform.
– The number of daily active users remained consistently above 5 million in November.
– The price of SOL surged by over 11% within 24 hours, indicating a positive market trend.
Solana’s User Base Growing Rapidly
In 2024, Solana has witnessed impressive growth in its user base. At the beginning of the year, the blockchain recorded around 13.8 million monthly active addresses. However, since August, this number has drastically increased. According to data from Artemis, the number of active addresses rose from around 40 million at the end of August to over 100 million by October.
This growth reflects increasing adoption of the platform. Particularly noteworthy is the fact that the number of daily active addresses in November consistently remained above 5 million. This shows that Solana is not only attracting new users but also maintaining high activity levels.
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Memecoins as Growth Drivers
A significant factor contributing to the growth of Solana’s user base is the rising activity surrounding memecoins. In 2024, the number of memecoins traded on Solana increased substantially. According to CoinGecko, the market capitalization of these memecoins currently stands at over 12.4 billion USD. This accounts for approximately 17% of the total memecoin market, which is estimated at 72.2 billion USD.
This development has not only increased the number of users on the platform but has also diversified the Solana ecosystem. Solana offers a fast and cost-effective infrastructure that attracts both casual users and serious investors looking for alternative investment opportunities.
Positive Price Development of SOL
In addition to user growth, the price of Solana (SOL) has also seen a positive trend. Currently, SOL is trading at around 184.91 USD, representing an increase of 10.96% within 24 hours. This price movement has lifted SOL above its 50-day and 200-day moving averages, signaling a strong bullish trend.
Since SOL crossed the 200-day moving average in late October, the price has shown a sustained upward trend. This indicates high investor confidence. The increased trading volume also supports this positive development, showing growing interest from market participants.
Our Assessment
Solana has shown an impressive performance in 2024, both in terms of user base and the price of SOL. The strong growth in memecoin activities on the platform has significantly contributed to its increasing adoption. Technical indicators point to continued positive price development, provided that demand remains stable and market sentiment stays favorable.
For investors and users, Solana currently offers a promising opportunity to benefit from both the technological infrastructure and price development.
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