Retail investors are flocking to Solana, driven by the excitement of memecoin mania. The fourth-largest Layer 1 network by total value locked (TVL) is attracting traders with its fast and affordable transactions.
Phantom, a leading wallet app for accessing Solana’s web3 ecosystem, saw an estimated 770,000 downloads in April, according to appfigures. Impressively, the app has surpassed Facebook in the U.S. Google Play Store rankings.
Transaction Fees and Network Activity
Despite recent spikes in transaction fees due to network congestion, Solana remains significantly cheaper for transactions compared to Bitcoin or Ethereum. However, it is more expensive than Layer 2 networks like Arbitrum, Optimism, and Base. Data from The Block indicates that Solana traders are paying higher priority fees to ensure their transactions are processed promptly.
SOL’s Market Performance
Since the crypto market’s low on May 1, Solana (SOL) has rebounded sharply, rallying nearly 50%. Although it has dipped 1.3% in the past 24 hours, it remains the fifth most valuable digital asset.
Conclusion
Solana’s appeal to retail investors is evident from the surge in Phantom wallet downloads. As traders continue to seek out fast and cost-effective transaction options, Solana’s popularity is poised to grow even further.
