According to data from Artemis Terminal, Solana has hit a major milestone, with over 100 million monthly active addresses now on its network. This represents a huge step from the 509,000 active addresses reported at the start of 2024, showcasing the platform’s rapid growth. Although Solana’s growth has been impressive, many skeptics believe that bots are behind the spike in activity, inflating the numbers.
Supporting data shows that most Solana wallets don’t hold any SOL. According to the Solana analytics platform Hello Moon, over 86 million users had 0 SOL in their wallets. In comparison, about 15.5 million users held less than 1 SOL, and around 1.5 million users held less than 10 SOL.
Keyrock head of APAC business development, Justin d’Anethan said that most Solana wallet addresses hold less than $10 worth of assets. This raises concerns about the legitimacy or organic nature of activity in the Solana ecosystem. Although the platform is highly active and the token performs well.
Analyzing Solana’s wallet surge
Radix DLT founder Dan Hughes believes the large number of active zero-balance wallets could be due to people engaging with centralized exchanges (CEX) or DeFi apps. Solana has seen a surge in active wallets, which aligns with a rebound in creating new tokens and an increase in new accounts on the network.
In September, the creation of SPL tokens on the network slowed down but started picking up again toward the end of the month. Solscan data shows that at least 17,000 new tokens have been added to the network daily since Sept. 26.
However, there’s also been a sharp increase in new accounts. On Oct. 8, Solana saw over 10 million new accounts created, more than double the amount from the day before. Many critics argue that Solana’s performance is often inflated by bots, which they believe are creating artificial activity on the network by interacting with one another.
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