Solana recovers as on-chain activity spikes

Solana recovers as on-chain activity spikes

Solana recovers as on-chain activity spikes

In recent weeks, there has been a rise in meme coins on Solana; with this, the network has caught up with a certain momentum, which has pushed its on-chain activity and trading volumes.

From the last collapse of FTX, Solana has started to show some signs of recovery as there has been a surge in its momentum. Moreover, SOL, the native token of Solana has also joined the ongoing impulse and has reached to a two-month high between the all-encompassing rally in the crypto market globally.

Till now, the on-chain activity of SOL has been seen recovering. According to a report, the transaction volumes of the network’s and its active accounts are now back to what it was before FTX collapsed.

The number of active accounts has gone up to 240,000 as it was in the month of October in 2022, an analytics platform Tweeted that despite many controversial theories, Solana is still in picture.

The tweet said, “Tweet and Mim Coin may be the reason for the recent activity, but it is difficult to pinpoint an FTX collapse just by looking at these metrics.”

According to a report, the throughput of the Solana network is approximately 3,735 transactions every second (TPS). Today, the total number of transactions accumulated on the network is 132 billion.

SolanaFloor, which is an insight page of Solana’s NFT shahid on Wednesday that the floor volume of its NFT ecosystem has gone up to $470 million. This has been the highest amount as compared to what it was n the last few weeks.

As per analytics, in terms of active addresses in the last few weeks, SOL has increased its active addresses to 3.16 billions as ranks fourth.

To fully recover, the network needs more positive data depicting the recovery of Solana and a further increase in the volumes.

Furthermore, the gained momentum of Solana can be due to the meme coin, Bonk, that is recently hyped. There has been a relative hike in the value of the coin that has now increased by more than 2000%. Nevertheless, almost all meme coins come down to a low after a specific hike, and the same has remained the fate of Bonk, it went down to 80% this week.

On the contrary, SOL has taken a leap of at least 50% in the past ten days. Currently, it is trading at $16 that is hitting a two month high.

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