In line with crypto analytics portal Token Terminal, the variety of each day lively customers of the Solana blockchain has grown by 56,000, or 55.9%, for the reason that starting of 2023. Solana’s present each day person base now stands at 160,000, a quantity the blockchain has not seen for the reason that FTX crash in November.

The explanations for this Solana renaissance at first of the 12 months are each inner and exterior in origin.

The primary is the hype generated by Bonk Inu, BONK, which rapidly gained an viewers and recognition on social networks. BONK has all the attributes of the traditional meme token of at the moment’s crypto market, being a type of Shiba Inu (SHIB), however on Solana. Up to now, the variety of Bonk Inu token holders has now reached greater than 100,000 addresses.

Festive hangover

The exterior causes embody the optimistic momentum that has prevailed on the crypto market at the beginning of 2023. That is evidenced by comparable spikes in exercise on the Ethereum and Polygon networks, now Solana’s two greatest opponents.

There appears to have been a form of “exhalation” after a 12 months of steady decline in cryptocurrency costs and a corresponding lower in blockchains’ exercise. Nevertheless, how lengthy this festive hangover will final after a 12 months of an exhausting bear market is unimaginable to say.