Solana Overtakes Ethereum in Active Addresses and Binance Coin Soars

Solana Overtakes Ethereum


IMPORTANT POINTS:

  • According to Nansen, Solana’s monthly active addresses increased 86% in May.
  • Ethereum’s monthly active addresses fell 4% in May, reaching 4.7 million and placing it sixth on Nansen’s list.
  • Binance’s utility token, BNB, saw 14% growth in monthly active addresses, reaching 12.4 million in May.

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According to Nansen, a cryptocurrency data provider, Solana (SOL), an Ethereum (ETH) competitor, saw a spike in on-chain activity last month.

In May, Solana’s monthly active address count increased 86%, reaching a total of 9.5 million addresses, ranking it third among all chains, Nansen notes.

According to Nansen, the number of addresses that have successfully executed a blockchain transaction is the number of active addresses.

By comparison, Ethereum’s monthly active addresses fell 4% mom in May, totaling 4.7 million and ranking sixth on Nansen’s list.

The utility token of the largest cryptocurrency exchange, Binance Coin (BNB), saw a 14% growth in monthly active addresses to reach 12.4 million last month.

The SEC’s designation of SOL and BNB as securities in its lawsuits against major cryptocurrency exchange Binance and major cryptocurrency exchange Coinbase led to a precipitous drop in the value of both assets this week.

As of this writing, SOL shares can be purchased for $15.79. The market value of the tenth-largest cryptocurrency has decreased by 9.86% in the last 24 hours and by more than 24% in the last week.

On Monday, following the news of the SEC’s complaint against Binance and its CEO, Changpeng Zhao, cryptocurrency prices plummeted across the board. The authority claimed that the market had breached securities and investor protection laws. The Securities and Exchange Commission (SEC) filed a complaint against Coinbase the next day for “operating as an unregistered stock exchange, broker, and clearing agency.”