The Solana blockchain has recorded a new all-time high in the number of new addresses that were created last month.
January has been quite a significant month for Solana's growth. According to data from The Block Research, More than 12,69 million new addresses were created on the Solana network in January, representing an increase of 27% compared to the previous month.
With this many new addresses on-chain, Solana has established a new historical record, which shows the growing interest of users and developers in this blockchain.
Despite the problems the network has faced, such as the outage that occurred last Tuesday, Solana offers high speed, scalability, and low transaction costs, qualities that have helped it become an ideal place for many developers and users of decentralized applications or DApps.
Solana sets new all-time highs
The January surge in the number of new on-chain addresses surpasses the previous high, which was set in May 2022, when 11,72 million new addresses were created on the blockchain.
Source: The Block Research
As mentioned above, this data demonstrates the growing interest that Solana has sparked in the blockchain ecosystem. Since Q2023 XNUMX, the growth of this blockchain has not slowed down. As can be seen in the chart, the number of new addresses created each month has been steadily increasing.
On the other hand, data from the cryptocurrency price monitoring platform CoinMarketCap, indicates that the Solana price, native to the Solana network, is up 6,7% over the past 24 hours and 15% over the past month. Likewise, SOL’s trading volume on the market is above $1.960 billion per day. This metric, which exposes the demand for the cryptocurrency among market traders, reflects an increase of 16% compared to the previous day.
Source: CoinMarketCap
Experts estimate that Solana's massive growth is due, in part, to the boom in DeFi and NFT projects running on Solana, as well as the frenzy sparked by several memecoins, such as Bonk. It is also possible that the development of a new Solana-based blockchain smartphone and the launch of the Jupiter decentralized exchange aggregator on the network are increasing user interest in this blockchain ecosystem.
Solana’s high speed and lower transaction fees have been attracting widespread attention since its launch in 2020.
SOL, a favorite among cryptocurrency investors
Bitcoin is the most important cryptocurrency in the crypto ecosystem and the main investment asset in the market. However, SOL has positioned itself as the favorite altcoin of investors participating in digital asset funds.
According to CoinShares, SOL maintained its lead as the most in-demand altcoin by digital asset investors last week, recording $13,4 million in tickets.
Continue reading: Ethereum lending protocol Aave to be implemented on Solana
