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

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Veronika Rinecker

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Veronika Rinecker

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Veronika Rinecker is based in Germany and studied international journalism and media management. She specializes in reporting on topics such as politics and regulation, energy, blockchain, and...

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November 22, 2024 13:29 EST

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Solana set a new record on November 21 with over 77,000 token projects, primarily meme coins, deployed on the chain, according to Step Finance data.

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.

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

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, the asset manager 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.

Additionally, 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 and Ether 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.