On-chain data shows Solana has trounced the other major cryptocurrency networks in the Active Addresses indicator recently.
Solana Is Observing More Than 3 Million Active Addresses Right Now
In a new post on X, the market intelligence platform IntoTheBlock has shared about how the major tokens in the cryptocurrency space compare against each other in terms of the Number of Active Addresses. The Number of Active Addresses here refers to a metric that keeps track of the total number of addresses on a given network that are participating in some kind of transaction activity every day.
When this metric’s value is high, it means a large number of users are making moves on the blockchain right now. Such a trend implies that investors may have a high trading interest in the coin. On the other hand, the indicator being low suggests the investors may not be paying much attention to the asset as not that many of them are making transactions at the moment.
Now, here is the chart shared by IntoTheBlock that shows how the various top coins in the market line up against each other in this indicator:
Looks like SOL is currently at the top of the list | Source: IntoTheBlock on X
As is visible above, Solana is first in terms of the Number of Active Addresses out of these cryptocurrencies right now, with more than 3 million addresses transacting on the network daily. Toncoin (TON) and Tron (TRX) follow up SOL with 2.89 million and 2.5 million Active Addresses, respectively. Interestingly, while these assets don’t have too much of a gap between each other, the distance to fourth placed Dogs (DOGS) is huge.
Dogs currently has the Number of Active Addresses at a value of around 809,810, slightly ahead of Bitcoin (BTC) at 779,650 and nearly double that of Ethereum (ETH) at 417,900. As mentioned earlier, a high value of the indicator can suggest a high interest in the asset. In this view, Solana, Toncoin, and Tron with their high activities would all be attracting notable user interest.
A sustained high network utility can naturally be a constructive sign in the long-term, but it’s harder to say how it might affect the cryptocurrency’s value in the short-term, as the Active Addresses contains no information about what sort of activity exactly the users are taking part in.
One thing that can follow high activity, however, is high volatility in the price. A large number of traders making moves at once provides the perfect environment for a volatile move to develop.
Once again, though, it can’t be said about which direction any potential volatility might take Solana and others in. These active users might help sustain an upwards move or they might collectively impede their prices from advancing. It only remains see how these coins develop in the near future.
SOL Price
Solana had slumped toward the $146 mark yesterday, but the coin appears to have already recovered, as it’s now trading around $152.
The price of the coin seems to have been going up over the last few days | Source: SOLUSDT on TradingView