The popularity of memecoin trading and speculation on Solana pushed on-chain trading volume to a record high in USD terms on Friday.
Ethereum’s biggest competitor had trading volume of more than $3.79 billion at the end of the week, according to the report. data From Defilama. The all-time high for blockchain was $2.85 billion, a figure set earlier this month. Saturday was close to Friday’s all-time high. DefiLlama recorded a trading volume of $3.44 billion yesterday. The 24-hour trading volume is currently $3.61 billion.
In other metrics, the seven-day moving average of active addresses on the Solana network continues to rise. According to data from The Block, yesterday he recorded 1.2 million active addresses. This is the highest since around June 2022.
At the same time, the seven-day moving average number of new addresses on the Solana network continues to increase parabolically, hitting new all-time highs. Nearly 870,000 new addresses were recorded yesterday, according to data from The Block.
Solana’s total fees are also at an all-time high. According to data from The Block, the total transaction fees paid to Solana yesterday amounted to $3.83 million, or 20,350 SOL, the majority of which were non-voting preference fees.
Memecoins and presales drive activity at Solana
Driving activity at Solana is the continued meme coin rush. The latest token to garner attention for its shockingly high return on investment is Book of Memes (BOME). listed Binance has seen an increase of around 1500% since it was founded just a few days ago.
Meanwhile, pre-order sales have increased explosively in the past few days. The artist, known by the pseudonym Kero, posted his wallet address and started a pre-sale, and funds quickly came in, ultimately bringing his total to nearly 55,000 SOL ($10.66 million at current prices). Reached. Kero later publicly admitted that when he first polled his viewers on Twitter, he had no idea what he was going to make.
Various other Solana-based meme coin pre-sales have been triggered, with some being accused of being just scams and others being accused of being scams. confirmed scam.
Dog-themed Solana-based meme coins Dogwifhat and BONK also continue to record significant volumes as numerous new meme coins continue to be created in real time.
Due to the ongoing meme coin craze on the blockchain, Solana-based decentralized exchange aggregator Jupiter has recorded more trading volume than Uniswap V3’s Ethereum DEX in the past 24 hours, according to data from CoinGecko.
Solana’s market capitalization reached an all-time high on March 15th. According to price data from The Block, SOL is currently trading around $193.
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in: Other companies In the crypto space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
