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Solana continues to break barriers with its market cap, user base, and on-chain activity.
Dubbed the "Ethereum Killer" (mainly by Solana fanboys), Solana might be living up to its moniker as Nansen revealed yesterday that it has dethroned Ethereum as the most used chain on its platform.
"Solana is now the #1 most used chain on @nansen_ai . First time in 4+ years it's not Ethereum," Nansen CEO Alex Svanevik tweeted.
Solana is now the #1 most used chain on @nansen_ai.
— Alex Svanevik 🐧 (@ASvanevik) November 18, 2024
First time in 4+ years it's not Ethereum.
This month alone, Solana saw its user base top 6.3 million active addresses, marking a new high while 322,000 new tokens were created on Solana last week as a result of the memecoin craze.
Although SOL is still short of its all-time high of $260, which it achieved in 2021, its current price of $242 marks a 322.50% increase over one year.
With that, its market cap now stands at just shy of $115 billion - larger than the likes of Sony, Starbucks, and Nike.
"A sustained hold above this level would validate Solana’s bullish momentum, while a failure to do so might lead to a consolidation phase, allowing the market to digest gains before the next leg up," BRN analyst Valentin Fournier said.
Blockhead
Solana, which is has emerged as a hotspot for memecoin activity, with its low fees and fast transactions offering fertile ground for tokens like BONK.
Created in late 2022, BONK has become a symbol of Solana’s resilience post-FTX collapse. Its rise is being propelled by community-driven deflationary moves, including a planned burn of 1 trillion tokens by December, aimed at boosting scarcity and value.
Blockhead
BONK led gains with a 97% jump in the past week, recording $2.1 billion in trading volume in the past 24 hours—outpacing rivals like DOGE and SHIB. PEPE followed closely, with its recent addition to Coinbase and Robinhood sparking a 66.35% surge over the past week.
PNUT, a squirrel-themed token on Solana, also saw a 1,200+% gains in the past week, though at $1.58, it is currently 35.25% below its all-time high of $2.44, set on November 14.
