TechFlow reported on October 9, citing Cointelegraph, that according to a report by blockchain data platform Artemis Terminal, Solana's monthly active addresses have surpassed 100 million, setting a new all-time high. However, the data indicates that the majority of these active wallets do not hold SOL tokens. According to Hello Moon, over 86 million users had zero SOL balance in their wallets over the past month, approximately 15.5 million held less than 1 SOL, and around 1.5 million held fewer than 10 SOL.
Justin d'Anethan, Head of Business Development for Asia Pacific at market maker Keyrock, noted that the lifetime value of most Solana addresses is under $10, suggesting potential non-legitimate or inorganic growth factors. Dan Hughes, founder of Radix DLT, suggested that interactions with centralized exchanges (CEX) or decentralized finance applications (DeFi) could be a possible reason for the large number of active wallets with zero balances.
Nonetheless, other metrics for the Solana network continue to show positive trends. Since September 26, 2024, the daily issuance of new tokens on the network has remained above 17,000. Particularly on October 8, Solana added more than 10 million new accounts, more than doubling from the previous day.
