Solana monthly transaction volume hits multi-year high
Monthly transaction volumes for January on Solana have reached a multi-year high, according to data from The Block.Sol, the native token of the Solana blockchain, has posted the most significant gains among all major altcoins in the last 24 hours.
There has been a significant increase in transaction volume on the Solana blockchain during the month of January, according to The Block's Data Dashboard .
The transaction volume of SOL +9.41% and SPL tokens on the Solana blockchain has surged to $951.9 billion for the month of January, and there are still almost two days remaining in the month. The gains represent a 30% rise in economic throughput on the network from December's volume of $735.8 billion, which was a multi-month high at the time.
The rise in transaction activity on the blockchain is significantly above levels seen in 2023 and for most of 2022. For instance, in September 2023, Solana network transaction volume hit a low of $40 billion.
Solana price recovers
On Monday, Sol rose back above the $100 mark. On decentralized exchanges, the uptick in trading activity seems to have been driven by WEN token pairs. According to data on Dune Analytics, the top five DEX trading slots in the past 24 hours are made up by stablecoin-SOL, stablecoin-WEN, and SOL-WEN pairs.
This week, WEN was airdropped to users of Solana's Jupiter decentralized exchange. The airdrop was also open to users of the Solana Saga phone, and owners of certain Solana-based NFT projects.
Liquidations spike after Solana uptick
Sol has been the best-performing major altcoin in the past 24 hours, with the token experiencing an increase of almost 8%, changing hands for $104.44 at 9:22 a.m. ET, according to The Block's Price Page .
Over the past 24 hours, SOL price volatility has led to a substantial liquidation of short positions on centralized exchanges. The volatility resulted in the liquidations of around $9.9 million, with the vast majority (almost $8 million) being shorts.
The overall crypto market saw over $79 million of liquidated short positions in the last 24 hours, contributing to a total of $118 million in liquidations across various centralized exchanges, according to CoinGlass data .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
1MCHEEMSUSDT now launched for futures trading and trading bots
Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details
Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!
Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda
Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p
Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.
OXTUSDT now launched for futures trading and trading bots
Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t