Solana Hits Record High in Monthly Active Addresses Despite Tokens Decline

• Solana saw a record high in monthly active addresses in October, with over 123 million on the network.
• User activity surged due to the popularity of new memecoins, despite most SOL-based tokens being bearish this week.
• The $SOL token trades at $156.76, down 4% in 24 hours but up 10.17% in the month, with a 270% increase over the past year.

The Solana blockchain saw in October its highest number of monthly active addresses. Data from The Block shows a steep increase in user activity on the blockchain over the past few weeks. 

Overall, Solana had over 123 million active addresses in the network – and nearly 150 million new addresses created this month. 

The blockchain’s performance since mid-2024 has been increasingly breaking performance records for Solana. Jumping on the popularity that some of the network’s new memecoins have seen, Solana has attracted a large influx of new users.

This burst in activity is fueled by growing excitement around meme coin trading on the network, with platforms like Pump.fun and Raydium leading the charge in driving this momentum.

Solana Ecosystem Down This Week

Despite the positive numbers from the network, the majority of SOL-based tokens are bearish this week.

The $SOL token is currently trading at $156.76 at this time of writing, down nearly 4% over the past 24 hours. However, a larger landscape reveals a more positive outlook, with Solana up 10.17% in the month, and a 270% increase in the past 365 days. 

The blockchain’s memecoins are also not fairing much better. DogWifHat and PopCat are both down by over 6% in the day and nearly 20% losses in the week. Meanwhile, Bonk Inu trades a bit better with only a 1.16% decrease over the past 24 hours.