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

The explanations for this Solana renaissance at first of the yr are each inside 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 the entire attributes of the basic meme token of at this time’s crypto market, being a sort of Shiba Inu (SHIB), however on Solana. To this point, the variety of Bonk Inu token holders has now reached greater than 100,000 addresses.

Festive hangover

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

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