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    Solana recorded the highest daily active addresses everĀ 


    Solanaā€™s blockchain has surpassed previous records for daily network users.

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

    Artemis noted that SOLā€™s 24-hour users exceeded the five million mark on Sept. 10, while the chainā€™s closest competitor hovered just above 2.5 million daily active wallets on the same day.

    24-hour Solana daily active addresses ā€“ Sept. 10 | Source: Artemis.XYZ

    Solanaā€™s activity surges, but memecoin sector slips

    Solanaā€™s active address milestone occurred despite decreased activity in its memecoin sector. Specifically, Pump.fun has generated fewer fees since its peak in late July.

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

    Is the Pump.fun casino crashing?

    Although broader crypto prices remain in limbo, Pump.funā€™s regression may signal a declining pattern for Solana memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, achieving this milestone in roughly seven months. However, its peak may have passed, as many debate whether the platform was a net positive for cryptocurrency and DeFi.

    At its height, Pump.fun allowed developers to launch over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, turning speculative investors into overnight millionaires or sometimes obliterating 99% of capital in seconds.

    SOLā€™s chain became the memecoin hotbed, and creators like Vitalik Buterin expressed concerns about the trend. The chief worries stemmed from Pump.funā€™s sustainability and the Casino-like ethos it promoted.

    Nevertheless, Pump.fun remains active, continuing to produce scores of memecoins daily. A crypto.news analysis found that the oversaturation of meme tokens correlated with weak average gains.Ā  Less than 1% of memecoin traders earned over $1,000 from the speculative plays.



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