Solana Network Sets New Record by Deploying 77,000 Tokens in One Day

On November 21, Solana achieved a new milestone with more than 77,000 token projects, mainly consisting of meme coins, launched on its blockchain, as reported by Step Finance.

This expansion is attributed to the low expenses and ease of minting meme coins on the platform, positioning Solana as a favorable choice for token development.

SPL tokens on Solana, YTD. Source: StepFinance

Solana Tokens Propel Record On-Chain Activity

The unprecedented deployment of Solana tokens coincided with a significant rise in trading volumes and network engagement.

On that same day, trading volumes on Solana hit an all-time peak, largely fueled by increased interest in meme coins. This surge resulted in daily fee revenue of $13.9 million, contributing to a total revenue of $6.9 million over three months, according to Artemis data.

Solana fees and revenue for the last 3 months. Source: Artemis

Moreover, decentralized exchange (DEX) trading volume on Solana exceeded $7.1 billion, while the total value locked (TVL) on the network surpassed $8.8 billion.

Solana has also outperformed Ethereum in DEX trading volume, capturing a notable share of the market. In the last 24 hours, Solana reported a trading volume of $6.762 billion compared to Ethereum’s $3.991 billion.

Over a week, Solana’s trading volume of $44.54 billion significantly overshadowed Ethereum’s $15.43 billion, as highlighted by DeFiLlama.

Top-5 chains by DEX volume. Source: DeFiLlama

Spot Solana ETF Filings Ignite Renewed Interest

Interest in Solana has also increased following the submission of spot Solana exchange-traded funds (ETFs) in the United States.

Digital asset manager Bitwise filed a statutory trust in Delaware for a proposed Solana ETF on November 20. The next day, the asset manager submitted its S-1 application to regulatory authorities.

Bitwise is the fourth company to show interest in a Solana ETF, joining VanEck, 21Shares, and Canary Capital.

Today, the Cboe BZX Exchange has filed to list a spot Solana ETP from Bitwise. The ETP would directly hold SOL, the native token of the Solana blockchain and the third-largest cryptocurrency globally. pic.twitter.com/5jgKxZN4L5

— Bitwise (@BitwiseInvest) November 21, 2024

Additionally, Bitwise CEO Hunter Horsley expressed his positive outlook on Solana’s future during an interview with Blockworks, referring to it as an “incredible emerging asset and story.”

He believes that Solana’s growing adoption could position it as a significant player in the cryptocurrency market.

Horsley noted that this attractiveness is particularly pronounced for investors entering the market through Bitcoin and Ether ETFs.

Horsley also mentioned that the U.S. presidential election was “absolutely relevant” to Bitwise’s decision to file for its Solana ETF, indicating that it now feels like a “constructive time” to engage with regulators.

SOL Token Climbs to Record Highs

Solana’s native token, SOL, has emerged as one of 2024’s leading cryptocurrencies, increasing by 160% since the start of the year.

On Thursday, it achieved an all-time high of $262 before stabilizing around $255, elevating its market capitalization to $121 billion.

Analysts anticipate that SOL’s price may continue to rise, potentially reaching $400 and exceeding its previous peak.

#Altcoins #SOL $400 is next! #Solana is breaking out from the Cup & Handle pattern on the monthly timeframe.
Once it clears its previous ATH, it could soar straight to $400! pic.twitter.com/CILozp95uN

— Titan of Crypto (@Washigorira) November 17, 2024

With Solana gaining traction in token development, trading activity, and investor interest, SOL’s consistent rise may further solidify its position in the cryptocurrency market.

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