Solana Network Growth Jumps 124%: Here’s Why It Could Matter for SOL
Key Summary
Solana's network growth has surged 124% since early September, with daily active addresses rising 58% and 1.71 million new wallets being created daily. This trend suggests a stronger long-term case for SOL, but institutional demand has slowed down, with US-listed spot ETFs seeing outflows, while stablecoin activity on the network has hit new highs.
Network Growth AcceleratesAccording to Santiment's latest findings, daily active addresses on Solana's network are up 58% over the same period, reaching around 4.27 million unique wallets. This indicates that more people are not just creating wallets but actually using the network.
Institutional Demand Takes a HitSeptember was a strong month for US-listed spot SOL ETFs, which collectively pulled in more than $271 million, making it their second-best month so far. October, however, has started on a very different note, with the funds seeing just one day of inflows, and over $22 million flowing out so far this month.
Stablecoin Activity on the RiseSolana's stablecoin activity is hitting new highs as the network pushes further into institutional settlement. More than 14 million addresses now hold stablecoins on Solana, up from fewer than 4 million in late 2024. The network now has over $15 billion in stablecoin supply.