While bearish market conditions persist in crypto markets, Solana has recorded a yearly high of 2.3 million daily active users today, according to on-chain data.
Even though Solana has been struggling to sustain its price momentum, Solana’s active daily users have set a new yearly record. According to Token Terminal data, Solana hit a yearly high of 2.3 million active users on August 28.
Solana saw its Yearly Highest Daily Active users of 2.3M on 28th Aug.
What's cooking? pic.twitter.com/J6YFhRTtfH
— Cryptopolitan (@CPOfficialtx) August 29, 2024
Solana beats previous record of 2.2 million users
Solana’s previous daily active user record was 2.1 million active users, which it set on March 17. This was when the SOL price touched $181 and rallied past $200 in the following days. The heightened activity during that time explains the earlier record of active users, as the price had breached the $200 level.
SOL has mounted a notable surge in 2024, jumping to as high as $209 from a low of $17.48. Much of the popularity of the Solana network was primarily because of its fast network capabilities and the rising number of meme coins built on the blockchain.
Data shows that till August 23, the active daily user number was below 1 million. However, on August 24, the numbers spiked to 1.2 million, followed by 1.5 million, 2 million, and 1.8 million in the following days.
However, the exact reason for the sudden surge in active daily users today is unclear. The data comes at a time when SOL has erased 1.7% of its value in the last 24 hours and close to 20% in the last 30 days.
Solana meme coins bleed
CoinGecko data shows that Solana-based meme coins were also affected by the recent market crash. As per the data, the top SOL-based meme coins by market cap are dogwifhat (WIF), Bonk, POPCAT, BOOK OF MEME (BOME), etc., have hemorrhaged value with the downward trending market.
While WIF and BONK have remained comparatively sturdy with just minimal loss, POPCAT lost close to 7% in the last 24 hours. BOME on the other hand also experienced a price drop of 3.3%.
Solana meme coins have a tendency to follow Solana’s price trajectory. If the SOL token manages to reclaim the $150 level and sustain the upward trajectory, its ecosystem meme coins are also likely to ride its coattails.
