Solana

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Solana’s blockchain has surpassed previous records for daily network users. 
According to Artemis.XYZ <a href="https://app.artemis.xyz/chains" target="_blank">data</a>, Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) recorded the highest number of daily active addresses in blockchain history, despite the fifth-largest cryptocurrency revisiting its lows from April and January. As of this writing, a single SOL coin was worth around $136. 
Artemis noted that SOL’s 24-hour users exceeded the five million mark on Sept. 10, while the chain’s closest competitor hovered just above 2.5 million daily active wallets on the same day. 
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 <img loading="lazy" decoding="async" width="1086" height="772" src="https://crypto.news/app/uploads/2024/09/GXICIR6XQAA3Mip.jpg" alt="Solana recorded the highest daily active addresses ever&nbsp; - 17" class="wp-image-14297157">
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 24-hour Solana daily active addresses – Sept. 10 | Source: Artemis.XYZ
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</figure> 
<h2 class="wp-block-heading" id="solana-s-activity-surges-but-memecoin-sector-slips">Solana’s activity surges, but memecoin sector slips</h2> 
Solana’s active address milestone occurred despite decreased activity in its memecoin sector. Specifically, Pump.fun has generated fewer fees since its peak in late July. 
Last week, data confirmed an 80% decline in revenue generated by the memecoin launchpad. General SOL fees and prices have also slumped since July, highlighting a correlation between SOL revenue and Pump.fun activity. 
 You might also like: <a rel="" href="https://crypto.news/pump-fun-hits-100m-revenue-but-users-criticize-unsustainable-model/"> Pump.fun hits $100m revenue, but users criticize unsustainable model </a> 
<h2 class="wp-block-heading" id="is-the-pump-fun-casino-crashing">Is the Pump.fun casino crashing?</h2> 
Although broader crypto prices remain in limbo, Pump.fun’s regression may signal a declining pattern for Solana memecoins. The protocol was the fastest decentralized finance platform to reach $100 million in revenue, achieving this milestone in roughly seven months. However, its peak may have passed, as many debate whether the platform was a net positive for cryptocurrency and DeFi. 
At its height, Pump.fun allowed developers to launch over 500,000 tokens in a single month. Memecoins flooded SOL-based exchanges like Raydium, turning speculative investors into overnight millionaires or sometimes <a href="https://crypto.news/30-solana-celebrity-memecoins-launched-in-june-most-are-dead/" target="_blank">obliterating</a> 99% of capital in seconds. 
SOL’s chain became the memecoin hotbed, and creators like Vitalik Buterin <a href="https://crypto.news/vitalik-buterin-calls-for-higher-quality-meme-coins/" target="_blank">expressed</a> concerns about the trend. The chief worries stemmed from Pump.fun’s sustainability and the Casino-like ethos it promoted. 
Nevertheless, Pump.fun remains active, continuing to produce scores of memecoins daily. A crypto.news analysis found that the oversaturation of meme tokens <a href="https://crypto.news/only-0-76-of-pump-fun-wallets-made-1000-or-more-cn-research/" target="_blank">correlated</a> with weak average gains.&nbsp; Less than 1% of memecoin traders earned over $1,000 from the speculative plays. 
 Read more: <a rel="" href="https://crypto.news/only-0-76-of-pump-fun-wallets-made-1000-or-more-cn-research/"> Only 0.76% of pump.fun wallets made $1,000 or more: CN research </a>

Solana recorded the highest daily active addresses ever

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