Arkham Intelligence, the crypto data tracking platform, has expanded its offerings by adding support for Solana’s on-chain data. This allows users to track transactions on the Solana network and get notifications when something happens, which was a missing feature for many observing the Solana ecosystem.
𝗦𝗢𝗟𝗔𝗡𝗔 𝗜𝗦 𝗡𝗢𝗪 𝗟𝗜𝗩𝗘 𝗢𝗡 𝗔𝗥𝗞𝗛𝗔𝗠
Arkham now supports on-chain data on the Solana blockchain.
Here’s what you can expect: pic.twitter.com/M1BQVAgTIV
— Arkham (@ArkhamIntel) October 25, 2024
As a result of the integration of Solana, the Arkham network can track large value transfers made between certain wallets on the Solana blockchain. This addition is especially beneficial for traders and investors who want real-time data on the transaction flow in Solana to discern important financial events and make their trades accordingly.
Arkham also offers its users the ability to enable real-time trade alerts which make it easier for them to monitor large or suspicious activity happening on the Solana network. Also, the new functionality also provides for a ‘User Trade Tracker’ which enables users to track their trades directly on the blockchain and view the whole history of their investments. This feature is suitable for both individual and institutional investors who are interested in having a high level of control over their on-chain trading activities.
Solana now in focus for memecoin tracking
As Solana becomes the go-to blockchain for memecoins, Arkham’s new tracking features come at the right time. The platform’s tools have recently expanded to include the ability to track memecoin traders on Solana, which has been a rapidly growing space this year. As reported by Arkham, Solana is now the most popular blockchain for memecoin trading with high frequency.
At the moment, Solana is ranked fifth in the blockchain market based on market capitalization, after BNB, with a market capitalization of $78.34 billion. Solana’s native token SOL was valued at $166.22 as of this writing and was down by 5.92% in the past 24 hours. This puts Solana at the top of several other networks, thus confirming its position in the crypto space.
Solana’s daily trading volume hit a record $7.93 million last week. This has considerably risen since late September and shows that the network is strong and expanding. The previous record of $7.07 million was seen on October 19, and then there was a slight dip to $5.1 million the following day. The upward process reached a histological apex, which identified Solana’s strong economic activity.
As reported by Cryptopolitan, the main factors that define the value of Solana’s economy are tips (Jito) and priority fees, which account for more than 90% of daily transaction volume. On October 22, tips occupied 48.3% of the total revenue and priority fees occupied 48.9%. Base fees and vote fees formed small proportions, namely 0.8% and 2% respectively. This distribution shows the increasing role of fee models in the financial system of the network.
