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Solana's (SOL) Daily Active User Base Soars 50% in January, Here's Why

Thu, 01/05/2023 - 15:57
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Gamza Khanzadaev
Solana undergoing renaissance in 2023, with 50,000 more active users daily
Solana's (SOL) Daily Active User Base Soars 50% in January, Here's Why
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According to crypto analytics portal Token Terminal, the number of daily active users of the Solana blockchain has grown by 56,000, or 55.9%, since the beginning of 2023. Solana's current daily user base now stands at 160,000, a number the blockchain has not seen since the FTX crash in November.

The reasons for this Solana renaissance at the beginning of the year are both internal and external in origin.

BONK Burns Half a Trillion Tokens, Sending Price up 107%

The first is the hype generated by Bonk Inu, BONK, which quickly gained an audience and popularity on social networks. BONK has all of the attributes of the classic meme token of today's crypto market, being a kind of Shiba Inu (SHIB), but on Solana. So far, the number of Bonk Inu token holders has now reached more than 100,000 addresses.

Festive hangover

The external reasons include the positive momentum that has prevailed on the crypto market at the start of 2023. This is evidenced by similar spikes in activity on the Ethereum and Polygon networks, now Solana's two biggest competitors.

There seems to have been a sort of "exhalation" after a year of continuous decline in cryptocurrency prices and a corresponding decrease in blockchains' activity. However, how long this festive hangover will last after a year of an exhausting bear market is impossible to say.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.