In October, Solana set a record with 123 million active addresses, a remarkable 42% increase from September’s levels and a significant leap from just 12.7 million at the start of the year.
Solana’s active addresses reached a record high of 123 million in October, marking an increase of over 42% from September.
At the beginning of the year, there were only 12.7 million active addresses.
This surge is attributed to the rising memecoin trading, driven by apps like… pic.twitter.com/JmoYULhoKm
— Kyledoops (@kyledoops) November 4, 2024
This rapid growth has been largely fueled by a booming memecoin trading ecosystem, particularly driven by platforms like Pump.fun and the decentralized exchange Raydium, both seeing high volumes of activity.
BREAKING: @Solana Monthly Active Addresses hits a new all-time high in October.
– Active Addresses: 139 million pic.twitter.com/Ca8el3FDXQ
— SolanaFloor (@SolanaFloor) November 4, 2024
Adding to the momentum, over $600 million has been bridged to Solana from other blockchains throughout October, with over 90% of this amount coming directly from Ethereum.
This influx has further solidified Solana’s role in the cross-chain ecosystem, drawing liquidity from Ethereum as users flock to Solana’s dynamic network.
REPORT: Over $600 million has been bridged from other chains to @Solana throughout October.
More than 90% of this amount came from Ethereum alone. pic.twitter.com/WhlNUfFddQ
— SolanaFloor (@SolanaFloor) November 4, 2024
In terms of fees, Solana protocols continue to outpace Ethereum, particularly in 24-hour fee generation. Raydium currently leads among all dApps, followed closely by JitoSOL, helping Solana once again surpass Ethereum and Lido in daily fee volume. This sustained fee growth highlights the ecosystem’s active user base and rising demand.
Breaking: Solana protocols continue to outpace Ethereum in 24H fees. @RaydiumProtocol leads all dApps, followed by @jito_sol, as Solana once again surpasses Ethereum and Lido in daily fees generated. pic.twitter.com/KzNlw1wQms
— SolanaFloor (@SolanaFloor) November 4, 2024
Whale Makes Significant Profit From Solana Surge
One notable trader recently capitalized on Solana’s growth. A “smart whale” sold 265,070 SOL, worth approximately $43.96 million, for substantial profits. This whale originally purchased 500,862 SOL between August 7 and October 23, 2023, at an average price of $23.6 per token, investing around $11.81 million.
With the current SOL price, this position has increased in value to roughly $81.14 million, yielding a profit of nearly $87 million. The whale still holds 132,089 JitoSOL, valued at $24.72 million, and 126,631 SOL, valued at $20.58 million.
A smart whale sold 265,070 $SOL($43.96M) for profits recently.
This whale bought 500,862 $SOL($11.81M at that time, $81.14M currently) at only $23.6 between Aug 7 and Oct 23, 2023.
He currently holds 132,089 $JitoSOL($24.72M) and 126,631 $SOL($20.58M), with a profit of ~$87M on… pic.twitter.com/LiEPpi7mll
— Lookonchain (@lookonchain) November 4, 2024
As Solana’s ecosystem continues to expand, its appeal to both retail users and high-stakes investors suggests that the network is well-positioned for further growth in the months ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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