Record New Solana Addresses Amidst $2B Inflows: A Deep Dive

Jonathan Stoker Feb 03, 2024, 02:50am 280 views

Record New Solana Addresses Amidst $2B Inflows: A Deep Dive

Solana (SOL) Achieves New Record with Spike in New Addresses Amidst $2 Billion Inflows

In a promising move for the digital asset, SolanaSolana$104 5.03% (SOL) has surpassed its previous records by witnessing a surge in new addresses for the month of January. With an impressive 12 million new addresses added, the asset has seen an influx of $2 billion in a single day. This surge has contributed to a substantial increase in the asset's price, which has spiked up to 15% at one point. Despite the recent volatility, the asset continues to hover just above $100, marking a 3% increase over the past 24 hours based on data from CoinMarketCap. This combination of new addresses and the price surge paints a positive picture for Solana's performance in the coming month.

Solana Reaches All-Time High in Monthly New Addresses

Despite a turbulent start to 2024 for the digital asset market, Solana (SOL) has managed to record an unexpected surge, indicating potential for further growth. The asset has set a new record in terms of monthly new addresses, witnessing an inflow of $2 billion within a single day. In January alone, 11.81 million new addresses were added to its network according to data gathered by The Block. This represents an 18% increase from the 10 million addresses added in December.

The Journey to Solana's Record-Breaking Rise

Prior to this surge, the previous peak was attained in May 2022, when 11.72 million addresses were added to the network. This figure was significantly surpassed in January 2024. The surge can be attributed to several factors, the most prominent of which includes increased engagement with meme coins such as Wen and Bonk. The inflow of its native token to JupiterJupiter information" data-id="5052">JupiterJupiter$0.0058 -4.87%, the largest decentralized exchange on the network, has also contributed to this rise. The influx of inflows also played a significant role in the increased price of SOL.

Solana's Market Capitalization Surpasses $43 Billion

The market capitalization for Solana has catapulted to $43.66 billion. Data from CoinMarketCap reveals a 6% increase in this figure within the past 24 hours. For Solana, the fifth largest cryptocurrency by market capitalization, maintaining a price above the $100 mark will be critical for its price evolution in the upcoming weeks.

Edited by Jonathan Stoker

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