- Tuesday was a banner day for Solana, which outperformed every other blockchain in terms of transaction activity.
- The blockchain recorded a staggering 66.9 million transactions, setting an all-time high since its launch in 2020.
- Solana’s transaction count surpassed the combined total of Ethereum, Bitcoin, and several other major blockchains.
Tuesday was a banner day for Solana, which outperformed every other blockchain in terms of transaction activity. The blockchain recorded a staggering 66.9 million transactions, setting an all-time high since its launch in 2020. To put that in perspective, Solana’s transaction count surpassed the combined total of all major blockchains. Yep, you read that right—combined.
The spike in activity was largely driven by the Pudgy Penguins NFT project, which chose Solana as the home for its new token, PENGU. The network, known for being a cheaper and faster alternative to Ethereum, once again proved why it’s become a favorite for high-traffic events like this.
Dominating Key Metrics, But Not All
Beyond transaction volume, Solana led the pack in other major metrics too. It boasted the highest daily decentralized exchange trading volume and most daily active addresses among blockchains. However, when it came to stablecoin transfer volume, Solana lagged behind networks like Base, Ethereum, and Tron.
Even so, Solana’s popularity has been on a tear throughout the ongoing crypto bull market in 2024, especially with retail investors. Whether it’s memecoins, NFTs, or niche tokens, the blockchain has become a go-to destination for traders looking to capitalize on market trends.
Pudgy Penguins and the PENGU Hype
The frenzy on Solana was fueled by the much-anticipated PENGU airdrop, which began Tuesday morning at 8:00 AM ET. Holders of original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBTs) flooded in for their share of the drop. In just the first hour, the project reported over 100,000 claims and a jaw-dropping 4.7 million website views.
PENGU debuted with a market cap of $2.3 billion—though it’s since dipped slightly to $2 billion, according to Coingecko. Still, not too shabby for a token tied to a beloved NFT project that’s clearly still got its fanbase hooked.
Solana’s Token, SOL, Joins the Action
Unsurprisingly, all this excitement gave Solana’s native token, SOL, a nice boost. The token climbed 3.2% to hit $229 on Tuesday, following Bitcoin’s upward momentum. But the rally didn’t last; SOL cooled off to $217 as of today, likely reflecting market caution ahead of the Federal Reserve’s upcoming rate decision.
Even with a slight pullback, Tuesday showcased why Solana continues to stand out in the crowded blockchain space. When it comes to handling massive activity, this network seems to have found its stride.
