Solana Network Breaks Record With 77K Tokens Deployed in a Single Day

Last updated:

Editor

Veronika Rinecker

Editor

Veronika Rinecker

About Author

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been…

Last updated:

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Solana Network Breaks Record With 77K Tokens Deployed in a Single Day

Solana hit a record-breaking milestone on Thursday, deploying upwards of 77,000 token projects, with meme coins dominating the list, according to Step Finance.

Source: StepFinance / SPL Tokens on Solana, YTD

This growth is linked to the low cost and simplicity of minting meme coins on the network, making Solana an attractive platform for token creation.

Solana Tokens Drive Record On-Chain Activity

The record-setting deployment of Solana tokens coincided with a sharp increase in trading volumes and network activity.

On the same day, trading volumes on Solana reached an all-time high, driven largely by heightened interest in meme coins.

This activity generated daily fee revenue of $13.9 million, contributing to a total three-month revenue of $6.9 million, according to Artemis data.

Source: Artemis / Solana Fees and Revenue for the Last 3 Months

Additionally, decentralized exchange (DEX) trading volume on Solana exceeded $7.1 billion, while the total value locked (TVL) on the network surpassed $8.8 billion.

Solana has also outpaced Ethereum in DEX trading volume, capturing significant market share.

In the past 24 hours, Solana reported a trading volume of $6.762 billion compared to Ethereum’s $3.991 billion.

Source: DeFiLlama / Top-5 Chains by Dex Volume

Over a seven-day period, Solana’s $44.54 billion trading volume dwarfed Ethereum’s $15.43 billion, as noted by DeFiLlama.

Spot Solana ETF Filings Spark Renewed Interest

Interest in Solana has also surged following the filing of spot Solana exchange-traded funds (ETFs) in the United States.

Digital asset manager Bitwise registered a statutory trust in Delaware for a proposed Solana ETF on November 20. The following day, November 21, Bitwise submitted its S-1 application to regulators.

Bitwise is the fourth firm to express interest in a Solana ETF, joining VanEck, 21Shares, and Canary Capital.

Bitwise CEO Hunter Horsley shared his optimism about Solana’s future during an interview with Blockworks, describing it as an “incredible emerging asset and story.”

He believes Solana’s rising adoption could make it a key player in the crypto market.

Horsley added that this appeal is particularly strong for investors entering the space through Bitcoin (BTC) and Ether (ETH) ETFs.

Horsley also said that the U.S. presidential election was “absolutely relevant” to Bitwise’s decision to file for its Solana ETF, and that it now feels like a “constructive time” to engage with regulators.

SOL Token Surges to Record Highs

Solana’s native token, SOL, stands out as one of 2024’s top-performing cryptocurrencies, surging 160% since the beginning of the year.

On Thursday, it reached an all-time high of $262 before settling around $255, bringing its market capitalization to $121 billion.

Analysts predict that SOL’s price could rise further, potentially reaching $400 and surpassing its previous peak.

With Solana gaining momentum in token creation, trading activity, and investor interest, SOL’s steady ascent may continue to strengthen its standing in the cryptocurrency market.

You May Also Like