- 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.
SOL price fell from $14.61 to $8.29 between the middle of December 2022 and the end of the year. It has bounced back to a current level of $13.29 in less than ten days. In this same period, the number of daily active users skyrocketed. It jumped from below 40,000 to its current level of over 120,000 wallets.
Momentum picked up for Solana’s daily active wallets days before the launch of its first-ever meme token, Bonk. Some users who responded to Dunleavy’s tweet associated the increased activity with the launch of Bonk.
One of the users noted that the airdrops carried out by Bonk creators motivated several Solana wallets to become active. Another user attributes Bonk to having injected some adrenaline straight into the heart of Solana.
Bonk is a dog-inspired meme token, the first to be created on Solana. As contained in the whitepaper, it is a “community coin” that will be used across many DApps on Solana. In less than two weeks, Bonk has already seen up to 50 integrations on the network.