Can Solana Overtake BNB After Record Daily New Addresses?

Solana price chart

Solana has carved itself a niche as a high-performance platform that can handle transactions quickly and affordablely. With its native token, SOL, reaching $150 amid a larger bull market, Solana’s network has experienced a considerable increase in activity.

Solana’s Network Surge and How It Compares to BNB

The current record-breaking number of daily new addresses on Solana indicates an increasing interest in the network. These data have prompted traders to speculate on its future, including its potential to become the fourth-largest cryptocurrency to exceed Binance’s BNB.

The Solana blockchain has seen a significant surge in daily new addresses, hitting an all-time high. On Tuesday, March 12, the number of new daily active addresses hit 717,000, according to the seven-day moving average. This milestone reflects the platform’s expanding popularity and burgeoning activity in its ecosystem.

This behaviour coincided with a positive trend in the cryptocurrency market. On Tuesday, Solana hit a two-year high of $150, just as Bitcoin broke $71,000. With increased activity, some have claimed that Solana might overtake BNB Chain as the fourth-largest cryptocurrency. But what do the figures show?

Solana Still Lags Behind BNB Chain

With a surge in new daily active users, Solana now has more daily addresses than Bitcoin and Ethereum combined. However, the network continues to lag behind BNB Chain by around half a million addresses. This is due to Binance’s status as a crypto exchange leader, which attracts a large number of people to its blockchain.

Furthermore, the BNB chain and Bitcoin’s network have experienced a large rise in daily active addresses. As a result, if unique addresses reflect a token’s performance, Solana still has a long way to go before it can consistently outperform BNB.

Solana Ahead in Transaction Volume

Another seemingly astounding number is Solana’s daily transaction volume, which exceeds that of BNB Chain, Bitcoin, Ethereum, Arbitrum, and Avalanche combined. However, the majority of its traffic comes from spam, as arbitrage bots leverage networks’ low costs to make hundreds of transactions every day.

In reality, researchers believe that just approximately 7% of Solana’s transactions are the result of legitimate user activity. This would reduce Solana’s transaction volume below that of BNB.

These data put Solana’s activities into context, demonstrating that, despite its powerful technology, the network still behind BNB in terms of user involvement.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.