Solana's on-chain data surged in November: Phantom entered Apple App Store download charts, MEME coin PVP difficulty increased
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Solana's on-chain data surged in November: Phantom entered Apple App Store download charts, MEME coin PVP difficulty increased
This article provides an in-depth analysis of Solana's on-chain performance.
Navigating Web3 tides with focused insightsBy Frank, PANews
On November 21, Phantom, a cryptocurrency wallet in the Solana ecosystem, ranked fifth on Apple's U.S. App Store free app chart and first among all tools. This is likely the best performance ever achieved by a crypto-native application on a mainstream app marketplace. The driving force behind this success lies in the recent explosive growth of on-chain data on Solana.
Is the crypto world entering a truly active phase? And what meaningful insights lie beneath Solana’s surging on-chain activity? PANews dives deep into Solana’s on-chain performance.
Solana On-Chain Data Multiplies in November
First, let’s review Solana’s remarkable recent performance. On November 9, Solana had 4.33 million active wallets; by November 21, that number reached 7 million. On October 5, it was only 893,000—representing nearly an eightfold increase in just over a month. New account creation stood at 10.19 million on November 3, rising to 21.75 million by November 20—a more than 100% increase.
The biggest driver during this period has been MEME coins, with Pump.fun standing out particularly. As of November 2, Pump.fun recorded 130 million interactions, peaking at 489 million by November 20—an almost fourfold surge. In terms of daily active users, the platform saw 81,500 on November 3, growing to a high of 277,000 by November 21—an increase of over three times. Total transaction volume also climbed from 1.82 million on November 3 to 4.82 million by November 22.
This user activity has driven a substantial rise in transaction value. According to Defillama, Solana’s decentralized exchange (DEX) trading volume surpassed $100 billion for the first time in November, reaching $109.8 billion. This figure is nearly double Ethereum’s mainnet monthly DEX volume ($55 billion) and represents over a 100% increase from October’s $52.5 billion.
Solana now boasts 107.5 million monthly active addresses and is on track to surpass its previous record of 123 million set in October. SOL token recently broke its 2021 all-time high, reaching $264.
Meme Frenzy, But PVP Competition Intensifies
Now, let’s examine the average number of new accounts created per active address each day.
Before diving into specific numbers, it’s important to clarify Solana’s new account mechanism. The “new account” count here does not refer to typical active addresses as seen on standard blockchain explorers. Instead, it refers to all newly created token accounts on Solana. For example, when a user buys a new SPL token, a separate account is created for that token. Therefore, the number of new accounts far exceeds the number of active wallet addresses.
Comparing November 1 and November 20: On November 1, there were 4.74 million active addresses and 12 million new accounts, averaging 2.53 new token accounts per active address. By November 20, active wallets rose to 6.66 million while new accounts hit 21.75 million, meaning each active wallet created an average of 3.26 new token accounts. This indicates not only massive overall growth but also significantly heightened user trading enthusiasm.
However, does this surge in on-chain data mean better opportunities or lower odds for meme traders? How many holders do these daily tokens actually attract? On November 1, 22,908 new SPL tokens were created, with 12 million new accounts—averaging 524 accounts per new token. By November 20, 76,838 new SPL tokens emerged alongside 21.74 million new accounts, reducing the average allocation to 283 accounts per token. Despite rising overall chain activity, this suggests intensifying competition—token launches are outpacing new user inflows, leading to a more crowded and competitive PVP environment.
Male Users Born in the 90s and 2000s Dominate Solana
No application has benefited more from Solana’s surge than Phantom Wallet. On November 21, Phantom reached sixth place overall on Apple’s U.S. App Store and first among tools. Prior to November 6, Phantom didn’t even register on the charts. Within two weeks, it skyrocketed from 95th in the tools category to the top spot.
According to Similarweb, Phantom’s most significant user growth recently came from Brazil and the United States. U.S. traffic accounted for 27.38%, up 24.82% over the past month. Brazil’s share, though smaller at 2.97%, surged by 70.17%. The top five countries using Phantom are the U.S., UK, Russia, Brazil, and Pakistan.
Phantom’s user base is 70.5% male and 29.5% female. The largest age group is 25–34 years old, making up 41.76%, followed by users aged 18–24 at 20%. These figures show that the core participants in the current meme coin wave are primarily millennials and Gen Z—collectively accounting for over 60% of users.
Only Sui Matches Solana’s Growth Pace Among Major Blockchains
Is this data explosion limited to Solana, or is it a broader network-wide phenomenon?
Looking at App Store rankings, most crypto apps have seen growth. Besides Phantom, Coinbase recently climbed to 29th overall and first in finance. Other platforms like Solflare, DEX Screener, MetaMask, and Crypto.com have also gained traction and entered top charts.
On-chain data tells a different story. Ethereum has shown modest improvement since November, but nothing dramatic. Active Ethereum addresses rose from 437,000 on November 6 to a peak of 545,000 on November 22—an increase of about 24.7%. Other metrics improved slightly, but no breakout occurred.
Sui appears to be the only chain keeping pace with Solana. Daily active addresses grew from 617,000 on November 5 to over 1.4 million by November 23—more than doubling. Additionally, Sui may have suffered another spam attack: On November 22, transaction volume exceeded 298 million, causing brief network disruptions. This marked a 20-fold jump from its usual daily average of 15 million and set a new single-day transaction record across all blockchains. However, such spikes have occurred multiple times on Sui, so the crypto community remains largely unimpressed.
Currently, this surge in on-chain activity is primarily fueled by the popularity of meme coins on Solana. However, signs of cooling have emerged in recent days. Since November 21, Solana’s active metrics have started declining, with active wallet counts returning close to pre-surge levels. While the number of newly created tokens remains high—at around 60,000 per day—new account creation has clearly dropped. This suggests that although many tokens are still being launched daily, each token now attracts significantly fewer holders.
For avid PVP-focused meme traders, closely monitoring macro on-chain data to adjust positions may prove to be a wise strategy.
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