Solana recorded the highest daily active addresses ever

Solana’s blockchain has set new records for daily network users.

Data from Artemis.XYZ shows that Solana reached an all-time high in daily active addresses, even as the fifth-largest cryptocurrency revisits its lows from earlier this year. As of now, the price of a single SOL coin stands at approximately $136.

On September 10, Solana recorded over five million users in a 24-hour period, while its nearest competitor had just over 2.5 million active wallets on the same day.

Solana Activity Rises While Memecoin Sector Declines

Solana has achieved a significant milestone in active addresses, but this comes amidst a downturn in its memecoin sector. Notably, Pump.fun, a key player in the memecoin space, has seen a drop in fee generation since its peak in late July.

Recent data indicates that revenue from the memecoin launchpad has plummeted by 80% in the past week. This decline in Pump.fun activity coincides with a broader slump in SOL fees and prices since July, suggesting a close relationship between the two.

Is Pump.fun Facing a Downturn?

While the overall crypto market remains uncertain, the decline of Pump.fun could signify a troubling trend for Solana’s memecoins. Once the fastest decentralized finance platform to reach $100 million in revenue, achieving this in just seven months, it seems to be past its zenith. Many are now questioning whether its impact on cryptocurrency and DeFi has been beneficial.

At its peak, Pump.fun enabled developers to launch over 500,000 tokens in a single month, flooding Solana-based exchanges like Raydium. This environment allowed speculative investors to strike it rich overnight, but it also led to rapid losses for many, with capital disappearing almost instantly.

Solana emerged as a hotspot for memecoins, drawing concern from industry figures like Vitalik Buterin, who raised alarms about the sustainability of such platforms and the casino-like atmosphere they foster.

Despite these concerns, Pump.fun continues to churn out numerous memecoins daily. However, a recent analysis by crypto.news revealed that the oversaturation of meme tokens is linked to poor average returns, with less than 1% of memecoin traders managing to earn over $1,000 from these speculative ventures.