The activity on the Solana (SOL) blockchain has continued to skyrocket with the airdrop of the new memecoin WEN, with the 7-day moving average of new addresses on the blockchain hitting its highest level ever.
Over 1 million wallets have claimed the WEN airdrop, and the window for users of the Solana blockchain to claim their airdrops closes soon.
Activity on Solana Jumps
Solana-based decentralized exchange (DEX) Jupiter saw an increase in trading volume, topping the charts with $515 million and dethroning Uniswap, Pancakeswap, and other leading decentralized exchanges, as per data from CoinGecko.
It is important to note that this is the first instance when Jupiter has defeated the Ethereum-based volumes on Uniswap from both the V2 and V3 protocols.
Notably, back in May 2022, the Solana blockchain saw higher signups, making January 2024 the second-best month for the Layer 1 blockchain. The third place was held by December 2023, when the network also witnessed a boost in the number of addresses.
Interestingly, a significant amount of volume on the Jupiter DEX came from users trading a new memecoin called WEN. The memecoin can be claimed by any Solana user who has interacted with the blockchain in the last six months or uses the Saga smartphone, which has also seen increasing interest from users.
The WEN airdrop has been designed as an experiment by the developers working at Jupiter ahead of the eagerly-awaited airdrop of the decentralized exchange’s native token, JUP, currently slated for launch on January 31.
Bulk Volume on Solana is Coming from Stablecoins
While the WEN airdrop has played its part in boosting the activity on Solana, the majority of the trading volume came from the trading of the SOL token, Circle’s USDC, and Tether USD (USDT).
Also, currently, the pre-market JUP token is trading at around $0.65 as per data from perpetuals being traded on the decentralized exchange Aevo. Further, the value of the estimated 1 billion token JUP airdrop could exceed $600 million based on current prices.
Stablecoin Transfers on the Rise
As reported earlier by TheCoinRise, stablecoin transfer volume on the Layer-1 blockchain had already breached the $300 billion mark by January 21, surpassing that of December. In December, the volume counted was close to $297 billion, and January seems to be a promising month for the blockchain.
The blockchain also surpassed other leading blockchains, Ethereum and Tron, in stablecoin volume performance as January started.