CandleFocus Solana adds another transaction record on meme activity, Pengu (PENGU) launch
2024-12-24
Author: Content Editor
Solana (SOL) has achieved a one-week streak of daily transaction records, surpassing other chains with over 72 million transactions as of December 24. Solana is a scalable L1 chain that continues to subsidize its validators while expanding its outreach. Its daily transaction record comes at a time when Ethereum's daily transactions have stagnated. SOL is currently trading under $200 and trying to recover after a market drawdown. Despite some growth pains, Solana has shown sustained expansion and currently hosts the majority of major chain bot users. The platform's meme token activity and DEX trading have contributed to its success. However, there is concern over the high number of transactions with very small economic value. Solana's ecosystem is competitive and continues to be a staple in the Web3 space. Additionally, the Pengu (PENGU) token has boosted Solana transactions through decentralized trades on Raydium.
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