Solana (SOL) has seen a laudable growth in its transaction volume metric. Per the experienced growth, this metric peaked at around $224 billion in a single day. It is worth noting that SOL is trading at $159.82 while its market cap is currently at $75.27 billion. As observed, its on-chain transfer level almost tripled its entire market cap as of writing.
Major Basis For Transaction Boost
According to Glassnode, this transaction boost is linked to a high-activity wallet using multiple accounts. For context, this wallet behaves like an arbitrage bot, ramping up activity in early October. It is believed to be responsible for the recent fee increases that has formed the basis of many discussions these past weeks.
This surge was driven by a high-activity wallet using multiple accounts. This wallet, likely an arbitrage bot, ramped up activity in early October and was likely responsible for the recent fee increases many were discussing.
— glassnode (@glassnode) November 4, 2024
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