Last month, Solana's monthly active address count hit an all-time high, surpassing 123 million, according to The Block. The data shows that the number of unique addresses signing deals on Solana increased by more than 42 percent from the September figure. In January, the network had fewer than 12.70 million active addresses. Analysts say Solana's recent surge in activity has been driven by the growing popularity of memecoin trading on the network and is supported by platforms such as memecoin generation application Pump.fun and decentralized exchange Raydium, both of which have experienced strong activity over the past month. Additionally, a16z's State of Cryptocurrency report for October showed that Solana had 100 million monthly active addresses compared to only about 57 million on Ethereum and other EVM chains, indicating higher customer engagement on Solana.