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Solana leads 2024 blockchain traffic with 38.79% share

Solana leads 2024 blockchain traffic with 38.79% share

Grafa2024/11/15 09:00
By: Liezl Gambe
SOL+1.17%ETH+0.43%XOLDTOKEN0.00%

At the CoinGecko’s 2024 report highlights Solana (CRYPTO:SOL) as the most popular blockchain ecosystem, commanding 38.79% of global traffic.

Base follows with 16.81%, making their combined share nearly 56% of total blockchain ecosystem traffic this year.

Ethereum (CRYPTO:ETH) ranks third, holding a 10.8% share as investor interest shifts toward layer 2 networks, impacting its traffic.

Solana’s strong performance is linked to its speed, reliability, and low transaction fees, which have attracted meme coin enthusiasts.

The meme coin platform Pump.fun contributed significantly to Solana’s activity, launching over 3.26 million SOL tokens throughout 2024.

This surge fueled daily revenues exceeding $2.8 million.

Base also experienced growth, driven by meme coin activity, showing a fivefold increase in investor interest from Q1 to Q4.

Despite this, Solana saw a slight 10% decrease in interest over the same period but maintained its lead.

Ethereum, on the other hand, experienced a 1.9% drop in traffic share, reflecting a shift in attention to newer, trendier networks.

The report notes that while Ethereum remains a robust ecosystem, its focus is distributed among various layer 2 networks, impacting its direct traffic share.

This spread highlights the evolving landscape where decentralized finance and emerging blockchain projects draw attention away from established players.

Overall, the top 20 blockchains accounted for 97% of global traffic, with the remaining 3% distributed among 47 other blockchain platforms.

The continued rise of meme coins and dynamic trading activities underpinned shifts in blockchain popularity, emphasizing the changing trends within the crypto market.

"Be realistic and you’ll win this cycle. Trade the trends and narratives," advised a crypto influencer on X. 

At the time of reporting, the Solana price was $208.84.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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