According to The Block’s data, the number of new addresses on the Solana blockchain saw a significant increase in January. The monthly count of new addresses on Solana surged to 11.81 million in January, marking an 18% rise from around 10 million in December, which was the highest figure in months at the time.
The previous all-time high (ATH) for the number of new addresses transacting on the Solana network was in May 2022, with a total of 11.72 million.
This sudden spike in new Solana addresses occurred in the context of a large influx of new users participating in decentralized exchanges (DEXs) and meme coins on Solana, such as Wen and Bonk. The launch of Jupiter’s native token on the last day of the month may have also contributed to this increase.
The average daily active addresses over a 7-day period have also risen by more than a third since the beginning of the year, although this number remains lower than the activity observed in May 2022.
Solana’s native token, SOL, has witnessed a significant price recovery from its 2022 lows, reaching a yearly high of $120 in late December 2023. Since then, it has experienced a slight decline.