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In a groundbreaking development, Phantom, the popular cryptocurrency wallet for the Solana blockchain, recently skyrocketed to the 5th spot on the Apple App Store’s US free app rankings, and even clinched the top spot in the Tools category. This surge marks a major milestone for crypto-native apps breaking into mainstream app stores, and it’s all thanks to an explosive rise in Solana’s on-chain data.
Solana Sees Explosive Growth in November
Let’s break down what’s happening on Solana. On November 9, the number of active wallets on the network hit 4.33 million. Just 12 days later, that figure surged to 7 million, a staggering 8x increase from October 5, when active wallets stood at just 893,000. The total number of new accounts created in November also skyrocketed from 10.19 million on November 3 to 21.75 million by November 20, more than doubling over the course of the month.
The primary catalyst for this explosive growth has been MEME coins, with a standout performance from Pump.fun. On November 2, Pump.fun had 130 million interactions, which grew to nearly 490 million by November 20 — nearly a 4x increase. In terms of active daily users, Pump.fun saw a threefold increase, from 81,500 on November 3 to over 277,000 by November 21. The total number of transactions on the platform also nearly tripled in the same time frame, going from 1.82 million on November 3 to 4.82 million by November 22.
As a result, Solana’s decentralized exchanges (DEX) crossed $100 billion in monthly trading volume for the first time ever, reaching $109.8 billion in November. This figure represents more than double the trading volume of Ethereum‘s DEXs, which saw about $55 billion in November, and more than a 100% increase from October.
A Surge in Active Users and Wallet Growth
But it’s not just about new users; it’s also about active engagement. In early November, Solana had around 474,000 active addresses on November 1. By November 20, that figure had risen to 666,000, and each active wallet created more new token addresses than ever before. On average, users were creating 3.26 new token addresses per wallet by mid-November, up from 2.53 in early November.
However, while the data shows massive growth, there’s also a growing PVP (Player vs. Player) difficulty for MEME coin investors. With the increasing number of tokens issued (over 76,000 new SPL tokens in November alone), the likelihood of individual tokens gaining massive value has decreased as the influx of new users and token addresses slows.
Phantom Wallet Soars to New Heights
One of the biggest winners from this surge is Phantom, Solana’s leading crypto wallet. As of November 21, Phantom broke into the Top 10 of the Apple App Store’s overall free app rankings, landing at #6, and topped the Tools category. Prior to this surge, Phantom was nowhere to be found on the rankings. In just two weeks, it went from 95th place to #1 in the tools section.
This growth is largely driven by user traffic from the U.S. (which accounted for 27.38% of Phantom’s users, growing by 24.82% in just one month), along with emerging markets like Brazil, which saw a 70% increase in Phantom downloads.
In terms of demographics, Phantom‘s user base is heavily male (70.5%) and the majority of users are in their 20s and 30s. The largest group is between 25-34 years old, making up 41.76% of users, with 18-24 year olds accounting for an additional 20%.
Is Solana’s Growth a One-Off?
While Solana is seeing an explosive surge, other blockchains are also experiencing growth. For example, Sui is seeing similar gains, with its daily active addresses doubling from 617,000 on November 5 to 1.4 million by November 23. However, Sui has also experienced sudden spikes in network activity, such as on November 22, when it recorded over 298 million transactions in a single day — an all-time record for any blockchain.
Despite these exciting developments, the Solana network is starting to see a slowdown in active user growth. Since November 21, wallet activity has begun to level off, with new wallet creation and daily transaction volume beginning to stabilize.
Final Thoughts
The surge in Solana’s activity is a clear sign that the blockchain is gaining traction in the broader crypto market. However, while MEME coins and the associated hype have driven much of the recent growth, the future remains uncertain. As the number of new tokens continues to rise, the real challenge will be for investors to navigate this growing PVP environment.
For those in the MEME coin space, keeping an eye on these macro trends will be key to making smart investment choices as Solana’s explosive growth stabilizes.