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Solana Network Sees Tripled Daily Active Wallets After FTX Crash

Solana's daily active wallets have tripled since the collapse of the FTX exchange, according to data from Messari, a distributed data library.

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Solana Logo

The number of daily active wallets on the Solana network was below 40,000 before FTX shut down but has now risen above 120,000. This increase in activity coincides with a rise in other fundamental indices on the network, including a $400 million increase in market capitalization and a rise in SOL price from $12.45 to $13.29.

Solana's Meme Token Bonk Boosts Daily Active Wallet Numbers

The launch of Solana's first-ever meme token, Bonk, contributed to the increase in daily active wallets on the network. In response to a tweet by Ton Dunleavy, a Senior Research Analyst at Messari, some users credited the launch of Bonk for the rise in activity.

The dog-inspired meme token has already seen up to 50 integrations on the network in less than two weeks and is described as a "community coin" that will be used across many DApps on Solana.