Active Wallets Surge to Record High on Solana and Ronin

The number of active wallet addresses on Solana and Ronin has reached record highs, setting new milestones for these two blockchains.

Active Wallets Surge to Record High on Solana and Ronin. Image: CoinDesk

Solana Receives Warm Reception
According to data compiled by The Block, the number of new wallets daily on the Solana blockchain has reached an all-time high. Over the past 7 days, this figure has soared to 691,000 wallet addresses, more than doubling the peak from last year.

Monthly new wallet addresses on Solana from May 2023 to present. Source: The Block

Tristan Frizza, founder of Zeta Markets, views the sharp increase in new wallets as a positive signal indicating real user engagement on the network.

Frizza pointed out that Solana records more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, TRON, and Avalanche combined. Therefore, Solana appears well within reach of maintaining its position as the third-largest market-cap blockchain, Frizza continued.

Moreover, decentralized exchanges on Solana often achieve over $2 billion in daily trading volume since early March. This surge is bolstered by Bitcoin's continuous ATH breaks, with similar market movements expected for Ethereum and Solana. However, it's worth noting that Solana still trails far behind its ATH of $260 reached back in November 2021.

Regardless, SOL prices have risen over 12% in the past week.

1D chart of SOL/USDT pair on Binance at 09:15 AM on March 12, 2024

In related developments, meme coins are also actively traded on Solana. A slew of tokens spoofing famous personalities and politicians like Jeo Boden (Joe Biden), Andwu Tet (Andrew Tate) have emerged in the past week.

Ronin Also Makes Wallet Top
Alongside Solana, Ronin - a GameFi-focused sidechain - stands out prominently at present. Their daily active wallets hit 1.01 million addresses on March 11, further establishing Ronin as one of the fastest-developing blockchains in the past 6 months, according to Nansen.

However, achieving today's milestone has been a journey of effort for Ronin and its project team. The blockchain previously suffered an attack that resulted in a loss of $622 million in the past. Nevertheless, nearly two years of recovery efforts have helped Sky Mavis gradually reclaim its lost ground.

RONIN prices reached a new high yesterday at $4,252 and have surged over 380% in the past year.

4H chart of RONIN/USDT pair on Binance at 09:45 AM on March 12, 2024