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Solana's Active Addresses Hit 54.33M, Up 151%, Amid Memecoin Frenzy and Upgrade Hype

Aug 13, 2024, 06:13 PM

Solana's network has experienced significant growth, with active addresses reaching an all-time high of 54.33 million in July, marking a 151% increase since the start of 2024. This surge is largely driven by a memecoin frenzy, which has contributed to the network's explosive expansion. The anticipation of the Firedancer upgrade is also seen as a factor in the increased activity. Despite the growth, there is skepticism surrounding the sustainability of this surge, as approximately $500 million has been extracted from the Solana memecoin market. Additionally, trading bots and other mechanisms have extracted substantial value, totaling $518 million, with lifetime Raydium fees reaching $270 million.