What to know:
- Solana did more transactions than combined activity on all other blockchains.
- Solana led other blockchains in most metrics, excluding the stablecoin transfer volume.
As an analyst with a decade of experience in the cryptocurrency market, I must say that Tuesday’s activity on Solana was nothing short of remarkable. The sheer volume of transactions on Solana surpassing all other blockchains combined is a testament to its growing popularity and scalability.
As a researcher immersed in the digital world, I witnessed a significant surge of activity within the Solana network on a recent Tuesday. This uptick was primarily driven by the grand unveiling of the Pudgy Penguins NFT project’s indigenous token, PENGU, on their programmable blockchain platform.
The Layer 1 blockchain, often viewed as a cost-effective Ethereum alternative, recorded a whopping 66.9 million transactions – its highest total since debuting in 2020, according to data from Artemis. To underscore its activity level, Solana’s transaction count surpassed the combined tally of all major blockchains.
Among various blockchains, Solana showed a leading position in daily decentralized exchange trading volume and daily active addresses. However, it was outperformed by Base, Ethereum, and Tron when it comes to stablecoin transfer volume on a daily basis.
From the start of the persistent cryptocurrency surge in 2024, Solana has emerged as a popular choice among individual investors seeking profitable opportunities in memecoins, NFTs, and lesser-known tokens.
On Tuesday, just like any other day, enthusiasts who owned Original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) eagerly awaited their turn for the PENGU airdrop. This event commenced at 08:00 ET. The project announced an impressive 100,000 claims in its first hour and recorded over 4.7 million views on its website within that time frame.
Initially, PENGU entered the market with an evaluation of $2.3 billion, however, its worth has now decreased to $2 billion as per information from Coingecko.
As an analyst, I observed a notable increase in Solana’s SOL token yesterday, soaring by 3.2% to reach $229, mirroring Bitcoin‘s market leadership. However, today, the token seems to be faltering slightly, retreating back to $217. This dip could potentially be a sign of caution among investors, as we anticipate the upcoming Fed rate decision.
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2024-12-18 17:47