This is Why MoonPay Shattered Solana Transaction Records
November 19, Crypto payments Gateway MoonPay announces it has more Solana The trading volume on that day exceeded that of all of November 2023. The next day, its trading volume Sol Trade volume further increased.
MoonPay has not disclosed the reason for Solana’s increased transaction rate, but the craze for the SOL meme coin may provide an explanation.
Solana Bull Run by MoonPay
Monthly payment, one Cryptocurrency payment gatewayis enjoying impressive Solana (SOL) trading rates. The company hasn’t been as intentional about Solana lately as it has been about its products August Ripple integration,Apart from enable Venmo for SOL Purchased in October. Still, MoonPay announced unprecedented transaction volumes.
“On November 19th, MoonPay broke Solana’s single-day transaction record! The SOL transaction volume on that day was more than the entire November 2023 transaction volume combined, and the daily SOL average increased by 295% in 2024. They said It’s Just Solana Summer…” The Company claim through social media.
Shortly after issuing its first statement, MoonPay also Announce Today’s Solana trading volume has exceeded that of the previous day. For unknown reasons, MoonPay has apparently become A particularly attractive platform for SOL trading. To analyze this phenomenon, it is worth noting that Solana is experiencing a bull market.
Sorana is flirting $5 billion in open interest But it’s still far from its all-time high. In addition to the general bull run across the cryptocurrency market, “meme coin mania” is now promoting Solana. For example, PNUT, Newly launched SOL meme coinbecoming one of the 100 best-performing assets 36 hours after launch.
Rising interest in meme coins may explain MoonPay Solana’s success. platform Fusion Venmo started supporting meme coins in late October and is still continuing advertise this service. However, its exact transaction data remains confidential.
Regardless, MoonPay is encouraging further Solana transactions. it supply If Solana hits an all-time high in November and hits another all-time high, a lot of X users will be watching displayed SOL trading functionality. This cryptocurrency bull market is creating a slew of new profit opportunities, and these volumes are just one example.
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