Solana Activity Surges to Unprecedented Levels

by

As a researcher, I recently noticed an intriguing spike in Solana activity, as pointed out by Brian Armstrong, CEO of Coinbase, in his recent statements. Armstrong emphasized that this sudden increase has put considerable strain on our Solana infrastructure at Coinbase. To address this unexpected surge effectively, our team has been putting in extra effort to scale up our infrastructure to ensure smooth operations.

The CEO mentioned that the team is putting in extra effort to expand our Solana infrastructure at present. There’s been an unexpectedly high level of activity on Solana lately, which seems to have started around Friday and carried over into the weekend. This surge in activity appears to be due to meme tokens issued on the Solana blockchain causing a market buzz. As a result, Solana’s price has also soared, reaching unprecedented new highs.

Currently, our team is putting in a lot of effort to expand our Solana infrastructure due to the high volume of activity we’ve seen over the past few days. To be honest, we didn’t foresee such a significant spike.

— Brian Armstrong (@brian_armstrong) January 20, 2025

In other places, an account called Solana Floor (specializing in Solana) referenced Phantom, a multichain digital wallet, reporting over eight million requests every minute. This high volume led to issues with wallet loading and transactions. Users experienced interruptions due to the recent surge of meme coin activity on Solana, causing a significant increase in network activity.

Based on the same report, Solana’s decentralized exchange (DEX) trading volume reached an unprecedented $23.7 billion over the past 24 hours. This record-breaking figure represents a staggering threefold increase compared to the trading volume of Ethereum and its layer-2 solutions combined, with DEXs accounting for a remarkable 65% of all transactions.

It’s important to mention that even under heavy activity surges, the Solana network has remained robust and functional, boasting a flawless 100% uptime. The latest report from the Solana Status page indicates that all systems are running smoothly without any reported downtime in the past 90 days.

SOL hits record highs

As an analyst, I find myself observing the remarkable ascent of Solana’s native token, SOL. This surge can be attributed, in part, to the recent frenzy surrounding meme coins. On Sunday, the price peaked at an unprecedented $294, setting a new all-time high for this digital asset.

Solana ranks fourth among cryptocurrencies in terms of market capitalization, with stablecoins excluded from the count. It debuted in 2020 as a more affordable and swift competitor to Ethereum. Today, it serves as the platform for popular meme coins like BONK and Dogwifhat (WIF), along with various decentralized finance (DeFi) initiatives and gaming projects.

Currently, Solana (SOL) has pulled back from its latest peaks, experiencing a decrease of 11.44% over the past 24 hours, now valued at approximately $260. However, it’s important to note that despite this drop, it has managed to increase by an impressive 48% in the last seven days.

Read More

2025-01-20 17:42