Solana (SOL) Sets New Record With 123 Million Active Addresses in October, Up 42% From September

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

Solana (CRYPTO: SOL) active addresses surged to a record high of 123 million in October, fueled by a booming memecoin trading ecosystem.

Solana's active addresses reached a record high of 123 million in October, a remarkable 42% increase from September’s levels and a significant leap from just 12.7 million at the start of the year.

This surge is attributed to the rising memecoin trading, driven by apps like Pump.fun and the decentralized exchange Raydium, both seeing high volumes of activity.

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.

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.

Whale Makes Significant Profit From Solana Surges

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.

Solana price today is $165.41 with a 24-hour trading volume of $2,058,333,664. Solana price has increased by 6.3% in the past 24 hours. It has a circulating supply of 366.3 million SOL coins and a total supply of 511.6 million.

Binance currently holds the highest SOL/USD trading volume at 43.06%.