Solana’s 2-year high: How WIF, PEPE and BOME played a part

User activity on Layer 1 (L1) blockchain network Solana [SOL] has climbed to a two-year high in March, according to The Block data dashboard. 

The surge in Solana’s network activity since the beginning of March is attributable to the uptick in memecoin trading activity on the network. 
In the last month, the values of Solana-based meme coins such as Book of Meme [BOME], dogwifhat [WIF], and Pepe [PEPE] have risen by 1561%, 464%, and 157%, respectively.

Solana reaches new milestone

AMBCrypto found that in the past 29 days, the number of unique addresses that have signed transactions across the Solana network has totaled 34.21 million.
This marks a 70% spike from the 20 million active user count recorded in February and the network’s highest monthly count since May 2022.

Source: The Block

As the memecoin hype intensified, Solana onboarded a significant number of new users who desired to profit from the meme market rally.
Data from The Block showed that since the beginning of March, the number of unique first signers to transact on the Solana Network has totaled 25.43 million. This represents a 108% growth in new demand for the L1 within a 30-day period. 
According to the on-chain data provider, March’s figure marks an all-time high in the monthly count of new users.

Source: The Block

Due to the high user activity on the network, Solana’s transaction volume so far this month is above $143 trillion, up from $104 trillion in February. 

Solana’s DeFi and NFT verticals

According to DefiLlama’s data, out of the top five networks ranked by DeFi TVL, the network has recorded the most growth in the last 30 days. 
At $4.8 billion as of this writing, its TVL has spiked by 91% in the last month. Solana’s TVL sits at its highest level since February 2022.

Regarding the network’s NFT ecosystem, it has seen a month-over-month growth in sales volume, data from CryptoSlam showed. 

In the past 29 days, Solana’s NFT sales volume has amounted to $234 million, marking an 8% increase from February’s $216 million.
This has occurred despite more NFT transactions being executed in February. According to CryptoSlam, 4 million NFT transactions were completed in February, but only 2 million transactions have been completed so far this month.