Solana Transactions Hit 2024 High: Is Bull Run Back?

Solana transactions are trending higher to a YTD high as SOL volumes return. Amid this, PlayDoge is on fire, raising over $5.3 million.

The beauty of crypto and blockchain lies in its innovation. There is dynamism, and nothing rests.

After Bitcoin launched, it only took a few years for Ethereum to release the first smart contracts platform. It was a game-changer, allowing users to experiment with smart contracts.

However, as Ethereum was adopted, users found that it was not as scalable as they desired. This need forced developers back to the drawing board, and Solana was among the many scalable and “modern” blockchains that were launched.

There have been many challengers, such as Tron for instance, but Solana is emerging as a tough competitor.

Supporters claim Solana is the “Ethereum killer,” citing its superior features, mostly high scalability, and low gas fees.

Solana Transactions Pumping: Millions Of Transactions Posted

Thus far, millions of transactions are being posted on Solana, accelerated by SOL, which is also increasing.

Data from The Block reveals that the 7-day average of non-vote transactions- including transfers, smart contract executions, and DEX trades- on Solana has reached a staggering 39 million, the highest level in two years.

(Source)

As expected, the number of daily active wallets is also trending higher. By late June, there were over 1.56 million active addresses engaging in multiple activities, including meme coin trading.

Because of the low fees, Solana is the home of meme coin minting. More meme coins are listed on Solana DEXes, like Raydium, explaining the boom in trading volume.

(Source)

These platforms’ cumulative weekly trading volume soared to over $26 billion, with Raydium leading the pack.

PlayDoge Gaining Traction: Over $5.3 Million Raised

With Solana thriving and SOL prices charging higher, eyes are on PlayDoge, a meme coin on another highly scalable network, BNB Chain.

In the ongoing PlayDoge presale, over $5.3 million has been raised in less than a month.

Each PLAY is trading for just $0.00514, a mere fraction of WIF.

As PlayDoge trades for cents, attention is on its unique combination of meme coins, 90s nostalgia, and the popular play-to-earn (P2E) model.

Analysts are convinced that PLAY will benefit massively as Solana dominates and more meme coins launch.

Smart investors see PlayDoge as an opportunity now that activity is building up, and the market is turning green after sharp losses in June.

It is easy to see why: The PLAY presale is a massive success. Besides, once the fundraising ends and the meme coin launches on popular DEXes, the team will proceed to phase 3.

The goal is simple: Aggressively market PLAY across social media platforms and authoritative crypto news sites before listing the meme coin on leading CEXes.

If Bitcoin, Solana, and Ethereum prices continue rallying, breaking above their all-time highs, PLAY will undoubtedly soar by over 500X.

Buy PLAY Here

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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