In the latest cycle of cryptocurrency trends, Solana has emerged as the top choice for retail investors, surpassing long-time leaders Bitcoin and Ethereum.
A joint report by American cryptocurrency exchange Gemini and blockchain intelligence firm Glassnode revealed that Solana now leads in speculative investment flows and daily active users.
The ‘hot realized cap’ metric, which measures the realized capitalization of coins traded by active wallets over the past week, indicates a significant shift toward Solana beginning in October 2023. This metric shows Solana’s ability to attract and retain active trading.
Solana’s daily active addresses have reached 12.3 million, far exceeding Bitcoin’s 760,000 and Ethereum’s 501,000, demonstrating its increasing popularity and engagement within the crypto community.
Meme Coin Dominance
Another area where Solana has shown dominant performance is in its meme coin ecosystem. According to the report, since January 2024, the total value of the top two meme coins on Solana, BONK, and WIF, has surged by 477%, growing from $901 million to $4.3 billion.
This growth significantly outpaces Ethereum’s top meme coins, SHIB and Pepe, which saw a 45% increase in their combined value from $12.7 billion to $18.4 billion in the same period.
The report also highlights a surge in retail investor interest in cryptocurrencies, driven by rising asset prices. While Bitcoin and Solana have seen growing investor interest, Ethereum has experienced a decline, falling behind both in attracting new market participants.
Additionally, on-chain activity in the Asia Pacific region has been expanding more rapidly than in the US and Europe, suggesting a shift in the geographic dynamics of crypto trading.