MoonPay's Solana Bull Run: Crypto Payment Gateway Sees More SOL Transactions in a Single Day Than All of November 2023

MoonPay has not disclosed a reason for this heightened Solana transaction rate, but a frenzy in SOL meme coins might provide an explanation.

Crypto payment gateway MoonPay announced on Monday that it had more Solana transactions on November 19 than all of November 2023. The following day, its SOL trade volumes increased even further.

MoonPay has not disclosed a reason for this heightened Solana transaction rate, but a frenzy in SOL meme coins might provide an explanation.

MoonPay’s Solana Bull Run

Cryptocurrency payment gateway MoonPay is seeing massive rates of Solana (SOL) transactions. The company has not been deliberately focusing on Solana recently, as it did with its August Ripple integration, except for enabling Venmo for SOL buys in October. Nonetheless, MoonPay announced unprecedented volumes.

“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. And they said it was only a Solana Summer…” the company claimed via social media.

Soon after this first statement, MoonPay also announced that today’s Solana transaction volumes were already exceeding the previous day. For an undetermined reason, MoonPay has evidently become a particularly attractive platform for SOL trades.

To analyze this phenomenon, it’s worth noting that Solana is seeing a bull market.

Solana is flirting with $5 billion in open interest but is still far from its all-time high. Beyond the general bull run in the entire crypto market, a “meme coin mania” is pushing Solana right now.

For example, PNUT, a newly launched SOL meme coin, became one of the 100 highest-performing assets 36 hours after launch. This heightened interest in meme coins may be explaining MoonPay’s Solana success.

The platform integrated Venmo support for meme coins in late October and has continued advertising this service. However, its exact transaction data remains private.

Despite this, MoonPay is encouraging further Solana trading. It offered to follow large numbers of X users if Solana hits an all-time high in November and has once again showcased SOL trade functionality. This crypto bull market is creating a wild array of new profit opportunities, and these trade volumes are just one example.