Solana recorded the highest daily active addresses ever 

Solana’s blockchain has broken previous records in terms of daily network users.

Solana (SOL) has recorded the highest number of daily active addresses in blockchain history, despite the fifth-largest cryptocurrency falling back to its lows from April and January, according to data from Artemis.XYZ. As of the time of writing, a single SOL coin was worth around $136.

Artemis noted that SOL’s 24-hour user count surpassed the five million mark on September 10, while its closest competitor’s daily active wallet count was just above 2.5 million as of the same day.

Solana daily active addresses 24 hours – September 10 | Source: Artemis.XYZ Solana activity is increasing, but the memecoin sector is in decline

Solana’s active address milestone comes despite activity in the memecoin sector declining. Notably, Pump.fun has generated fewer fees since its peak in late July.

Last week, data confirmed an 80% drop in revenue generated by the memecoin launchpad. Overall SOL fees and prices have also fallen since July, highlighting a correlation between SOL revenue and Pump.fun activity.

Is Pump.fun casino down?

While broader crypto prices remain uncertain, Pump.fun’s decline could signal a bearish pattern for Solana memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, reaching that milestone in about seven months. However, its peak may have passed as many debate whether the platform is a net positive for crypto and DeFi.

At its peak, Pump.fun allowed developers to mine over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, making speculative investors millionaires overnight or sometimes wiping out 99% of their capital in seconds.

SOL’s chain has become the center of memecoins, and creators like Vitalik Buterin have expressed concerns about this trend. The main concerns stem from Pump.fun’s sustainability and the Casino-like ethos it promotes.

However, Pump.fun remains active and continues to produce a large number of memecoins daily. A crypto.news analysis found that the oversaturation of meme tokens is associated with poor average earnings. Less than 1% of memecoin traders earned over $1,000 from speculative games.