The recent surge in meme coins tied to Solana’s ecosystem has led to spike in activity on the SOL chain, with the number of new and active addresses as well as its Total Value Locked (TVL) reaching the highest levels in two years.
Solana has seen a massive spike in its network activity, hitting a two-year peak. The total value of assets locked on the Solana chain exceeds $4.14 billion for the first time in nearly two years. SOL price climbed nearly 4% on the day, partly recovering from its weekly losses.
Source: TheBlock Number of New Addresses on the Solana Network and Number of Active Addresses on the Solana Network Address activity is indicative of the utility of a blockchain network. A rise in the number of new and active addresses can likely be attributed to the surge in demand for meme coins and Solana-based assets. As Bitcoin price rally powered capital rotation into altcoins and meme coins, the number of new and active addresses on the network increased to a peak of 1.25 million and 1.
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