TechFlow News — On November 4, according to The Block, the Solana network achieved a record high in monthly active addresses in October 2024, exceeding 123 million. This marks a more than 42% increase from September and vastly surpasses the less than 12.7 million active addresses recorded in January of this year.
Eden Au, Research Director at The Block, said that the recent surge in Solana's activity has been primarily driven by the meme coin trading frenzy on the network. Meme coin launch platform Pump.fun and decentralized exchange Raydium have been particularly active over the past month. Data shows that Pump.fun generated over $30.5 million in revenue in October, while Raydium recorded trading volume exceeding $30 billion during the same period.
Analysts also noted that the rapid rise of the meme coin Goatseus Maximus (GOAT), associated with the AI chatbot Terminal of Truths, has triggered an explosion of AI-themed meme coins on Solana, further boosting network activity.
