Solana’s Monthly Active Addresses Surpass 100 Million: What the Record High Means for the Ecosystem

As reported by COINOTAG on October 9, data from Cointelegraph reveals a significant surge in Solana’s monthly active addresses, reaching an unprecedented milestone of 100 million. This sharp increase is substantial compared to the mere 509,000 active addresses documented earlier this year. However, analysts caution that many of these wallets seem to hold no SOL tokens, which leads to skepticism about the sustainability of this growth. Insights from Hello Moon indicate that over 86 million wallets currently have a balance of 0 SOL, while only 15.5 million hold less than 1 SOL. Justin d’Anethan from Keyrock notes that the value of most Solana addresses is below $10, raising concerns about the genuine engagement within the ecosystem. Conversely, Dan Hughes, founder of Radix DLT, speculates that transactions on centralized exchanges (CEX) or decentralized finance (DeFi) platforms could explain the presence of numerous active wallets without substantial balances.