Solana transaction volume hit multi-year high in January

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Transaction quantity on the Solana community crossed $1 trillion in January, a multi-year excessive.

In response to The Block’s dashboard, transaction quantity is up 30% from December 2023, at $738.8 billion. On-line transaction quantity has hit a document excessive since September 2022, at $1.55 trillion.

Solana transaction volume hit multi-year high in January - 1
Supply: The Block

Consultants be aware that the expansion in blockchain exercise is considerably increased than in 2023 and thru a lot of 2022. For instance, in September 2023, transaction quantity on the Solana community reached a low of $40 billion.

In January, the variety of registered addresses on the Solana blockchain reached a multi-month excessive. This month, the variety of new Solana addresses exceeded 10 million, the very best determine since Might 2022, when the variety of addresses was 11.72 million.

As well as, the naive token Solana (SOL) has proven regular progress. Over the previous week, the asset value has elevated by about 12%. On the time of writing, the cryptocurrency is buying and selling at round $98.

Solana transaction volume hit multi-year high in January - 2
Supply: CoinMarketCap

Solana has carried out exceptionally properly over the previous yr, performing significantly better than Ethereum (ETH) regardless of unfavorable market circumstances. Furthermore, following the approval of the Bitcoin (BTC) ETF, the worth of Solana didn’t change considerably, indicating one other distinctive market response in comparison with the remainder of the market.

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