Solana has surged reaching highest levels not seen in the past two years, following a bullish trend in meme coins such as BOME, WIF, and PEPE on the platform.
- Solana is in higher demand than it has been since 2022.
- Since the beginning of March, its DeFi and NFT have increased.
Solana 2 Years High
According to The Block data dashboard, user activity on the Layer 1 (L1) blockchain network Solana [SOL] surged to a two-year high in March.
Memecoin trading activity on the network has increased, which is responsible for the spike in Solana’s network activity since the beginning of March.
Meme coins with a Solana base, such Book of Meme [BOME], dogwifhat [WIF], and Pepe [PEPE], have seen increases in value over the past month of 1561%, 464%, and 157%, respectively.
Solana achieves a new benchmark
According to TradeWisdo, 34.21 million distinct addresses have signed transactions on the Solana network in the last 29 days.
This represents the network’s biggest monthly user count since May 2022 and a 70% increase over the 20 million active users counted in February.
With the increasing enthusiasm surrounding memecoin, Solana brought on a large number of new users who wanted to take advantage of the meme market upswing.
According to data from The Block, there have been 25.43 million distinct initial signers to transact on the Solana Network since the beginning of March. This indicates that within a 30-day period, fresh demand for the L1 increased by 108%.
The on-chain data provider claims that the number for March is an all-time high in the monthly total of new users.
Due to the high user activity on the network, Solana’s transaction volume so far this month is above $143 trillion, up from $104 trillion in February.
Solana’s DeFi and NFT verticals
DefiLlama’s statistics data indicates that the network with the most increase over the past 30 days is among the top five networks as determined by DeFi TVL.
Its TVL has increased by 91% in the past month to $4.8 billion as of this writing. TVL in Solana has not been this high since February 2022.
According to data from CryptoSlam, sales volume within the network’s NFT ecosystem has increased month over month.
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Solana’s NFT sales volume over the last 29 days has reached $234 million, an 8% rise over February’s $216 million.
Even if there were more NFT transactions completed in February, this still happened. Just 2 million NFT transactions have been conducted this month, compared to 4 million in February, according to CryptoSlam.
