The post MoonPay Sees Surge in Solana Transactions Amid Bull Market and Meme Coin Interest appeared on BitcoinEthereumNews.com.

MoonPay has made headlines after processing more Solana transactions on November 19 than in the entirety of November 2023, marking a remarkable 295% rise in daily averages. Interest in Solana’s ongoing bull run alongside meme coins like PNUT may be driving the surge in MoonPay’s Solana trades. “On November 19, MoonPay smashed our single day all-time record for Solana transactions! More SOL transactions that day than ALL of November 2023 combined…” the company stated, highlighting the unprecedented activity. MoonPay’s Solana transaction volume skyrocketed on November 19, leveraging meme coin momentum and possibly the recent Venmo integration for SOL buys. MoonPay’s Unprecedented Solana Transaction Volumes On November 19, 2023, MoonPay, a leading cryptocurrency payment gateway, reported an unprecedented activity level in Solana (SOL) transactions. This spike resulted in more transactions within a single day than recorded throughout the whole month of November. This surge appears to be linked to a broader bull market for Solana amid a growing interest in meme coins. Interestingly, despite the recent uptick in transactions, MoonPay’s focus on Solana has not been as pronounced as in its previous integrations, such as with Ripple in August. The only noteworthy development has been the integration of Venmo for SOL purchases in October. The announcement from MoonPay boasted, “On November 19, MoonPay smashed our single day all-time record for Solana transactions! More SOL transactions that day than ALL of November 2023 combined, [and] 295% increase in 2024 daily SOL average.” This statement underscores the significant shift in trading activity on its platform, suggesting a unique appeal for Solana trades. Meme Coin Mania Fuels Solana Transactions A critical factor in the soaring transaction counts likely stems from the broader trend of “meme coin mania” currently enveloping the cryptocurrency landscape. Solana, already benefiting from its robust ecosystem, is experiencing newfound attention, particularly…

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Filed under: News - @ November 21, 2024 4:24 am