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Solana Daily Active Wallets Jump by 3X Since the Crash of FTX

Published 01/08/2023, 04:19 AM
Updated 01/08/2023, 04:30 AM
Solana Daily Active Wallets Jump by 3X Since the Crash of FTX

  • The number of daily active wallets on the Solana network has tripled since the collapse of the FTX exchange.

  • Solana daily active wallets rose even when SOL price dipped towards the end of 2022.

  • Increased activity on Solana is linked with the launch of the network’s pioneer meme token, Bonk.

Data from Messari, a distributed data library, shows that the number of daily active wallets on the Solana network has tripled since the collapse of the FTX exchange. According to the platform, before FTX folded up, the number of daily active wallets on Solana was below 40,000. As of the time of writing, this number has risen above 120,000.

Solana’s daily active wallet explosion coincides with the rise in other fundamental indices on the network. The market capitalization of Solana has added more than $400 million. Its price has climbed from $12.45 to $13.29 after falling to $8.29 in the final days of 2022.

A recent tweet by Ton Dunleavy, a Senior Research Analyst on Messari acknowledged the rising number of daily active wallets. A screenshot on the tweet highlights that even when the SOL price declined, the number of active wallets rose.

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