January witnesses record-breaking transaction volume on Solana network
The Solana network achieved a significant milestone in January, with transaction volume surpassing $1 trillion, marking a multi-year high. The Block’s dashboard reported a 30% increase in transaction volume compared to December 2023, reaching $738.8 billion. Online transaction volume also reached a record high since September 2022, reaching $1.55 trillion.
Experts have noted that the growth in blockchain activity on the Solana network has far exceeded that of 2023 and much of 2022. For instance, in September 2023, transaction volume on the Solana network hit a low of $40 billion.
Furthermore, the number of registered addresses on the Solana blockchain reached a multi-month high in January. This month, over 10 million new Solana addresses were created, the highest number since May 2022, when there were 11.72 million addresses.
The native token of Solana, SOL, has also experienced steady growth. In the past week alone, the asset’s price has risen by approximately 12%. At the time of writing, the cryptocurrency is trading at around $98, according to CoinMarketCap.
Despite challenging market conditions, Solana has performed exceptionally well over the past year, outperforming Ethereum (ETH). Additionally, the approval of the Bitcoin (BTC) ETF did not have a significant impact on Solana’s price, indicating a unique market reaction compared to the rest of the market.
In other news, Solana’s WEN memecoin is approaching a $100-million market cap following its launch. Stay updated by following us on Google News.
