On November 19, the cryptocurrency payment gateway Moonpay announced that Solana transactions on that day were more than the entire November 2023. The next day, SOL trading volume increased even further.
Moonpay did not reveal the reasons for the increase in Solana transactions. However, the craze for SOL meme coins could be an explanation.
Moonpay Delighted by the Solana Bull Run
The cryptocurrency payment gateway Moonpay is enjoying a significant share of Solana (SOL) transactions. The company has not focused particularly on Solana recently. Unlike the Ripple integration in August, in October it enabled SOL purchases through Venmo. Nevertheless, Moonpay has reported unprecedented trading volumes.
"On November 19, Moonpay set a new single-day record for Solana transactions! That day's SOL transactions were more than the entire November 2023, and the 2024 daily SOL average increased by 295%. And people said it was just Solana summer..." the company claimed through social media.
After this first announcement, Moonpay announced that today's Solana trading volume has already exceeded the previous day. The reason is unclear, but Moonpay has become a particularly attractive platform for SOL transactions. To analyze this phenomenon, it is necessary to note that Solana is experiencing a bull run.
Solana is eyeing a $50 billion open interest, but still falls short of its all-time high. In addition to the bullish cryptocurrency market as a whole, the "meme coin craze" is pushing Solana forward. For example, the newly launched SOL meme coin PNUT became one of the top 100 assets within 36 hours of its launch.
This high interest in meme coins may explain Moonpay's Solana success. The platform integrated Venmo support for meme coins at the end of October and continues to promote this service. However, the exact transaction data remains confidential.
Nevertheless, Moonpay is further encouraging Solana transactions. In November, it proposed to follow many X users if Solana reaches a new all-time high, and once again showcased its SOL trading feature. This cryptocurrency bull run is creating new revenue opportunities, and these trading volumes are one example of that.
