Solana’s 4.51M Address Spike Raises One Question About Real Demand

Solana (SOL) outpaced a weaker crypto market as tokenized equities and meme coin trading lifted network activity.

Key Points:

Solana Activity

Solana traded near $73.54 after a seven-day gain of about 7%, while Bitcoin fell roughly 4.9% and Ethereum dropped about 6% over the same period.

The move stood out because it came during a broader market pullback, with network data showing that active addresses on Solana climbed to 4.51 million, the strongest reading since February.

Santiment said activity was tied to record growth in tokenized equities on Solana, rising discussion around xStocks since Jun. 26 and SOL’s recovery above key technical levels.

The Kobeissi Letter said tokenized stock transfer volume on the platform crossed $10 billion last week for the first time, a milestone that gave traders another reason to treat Solana as more than a speculative chain.

“The bigger story is that Solana is becoming a go-to chain for real trading activity,” Santiment said, adding that continued momentum would strengthen the case that SOL’s bounce has network support.

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Solana Meme Coins

Speculative trading added a second driver after crypto influencer Ansem said he would airdrop part of the creator fees earned through his Pump.fun profile.

BeInCrypto reported that Black Bull (ANSEM) rose nearly 20,000% in the week after the announcement, while more than 67.3 million ANSEM tokens, worth about $9.4 million, went to over 700 wallets.

The distribution was not evenly spread. Lookonchain said nearly 50 million tokens went to seven wallets, which later sold 38.3 million ANSEM for about $1.29 million. That event appeared to feed a wider surge in Solana meme coin trading, as DefiLlama data showed Solana decentralized exchange volume rising from $1.16 billion on Jun. 27 to $2.5 billion on Jun. 29.

Pump led Solana decentralized exchanges with $510.9 million in trading volume over 24 hours and $4.22 billion over seven days, suggesting meme coins made up a large share of the network’s activity.

The durability question remains unresolved. Tokenized stock volume has leaned on SpaceX, SanDisk and Micron exposure, while the meme coin jump came from one influencer event.

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