The number of monthly active addresses on Solana has broken through 100 million, setting a new record. However, most of these addresses do not hold SOL

PANews reported on October 9th, according to Cointelegraph, based on data from the blockchain data platform Artemis Terminal, the number of monthly active addresses for Solana has soared to over 100 million, setting a new historical high for the network. This is a significant leap compared to the 509,000 monthly active addresses recorded by Artemis at the beginning of 2024.

However, supportive indicators show that most of the active wallets on the Solana network do not hold any SOL tokens. Skeptics attribute this explosive growth to bots artificially inflating metrics. According to data from Solana data provider Hello Moon, in the past month, more than 86 million users' wallets held zero SOLs; about 15.5 million users held less than one SOL; and approximately 1.5 million users held fewer than ten SOLs.

Justin d'Anethan, Director of Business Development for Asia Pacific at market maker Keyrock said: "The lifetime value of most Solana addresses is less than $10 USD which indicates that despite an extremely active ecosystem and excellent token performance it may not be entirely legitimate or naturally occurring." Dan Hughes founder of decentralized finance platform Radix DLT believes that interactions with centralized exchanges (CEX) or decentralized financial applications (DeFi) could be possible reasons for large numbers of zero-balance active wallets.