PANews reported on November 4 that according to The Block, last month, Solana's monthly active addresses hit a record high of more than 123 million. Data shows that the number of unique addresses signing transactions on Solana has increased by more than 42% from the September figure. In January of this year, the network had less than 12.7 million active addresses.

Analysts say Solana's recent surge in activity is driven by the growing popularity of memecoin transactions on the network, supported by platforms such as the memecoin generation application Pump.fun and the decentralized exchange Raydium, both of which have experienced strong activity over the past month. In addition, a16z's "State of Cryptocurrency" report in October showed that Solana had more than 100 million monthly active addresses, while Ethereum and other EVM chains only had about 57 million, indicating higher user engagement on Solana.