Solana’s investor base remains resilient, with long-term holders displaying strong conviction in the network’s future.
Data shows that the 6–12 month holding cohort now controls 27% of Solana’s total supply, a testament to the confidence of buyers from the 2024 rally.
In contrast, the share held by the 1–2 year cohort has declined significantly, dropping from 48% in June to just under 5%. These were investors from the previous bull market, many of whom capitalized on this year’s rally to lock in profits. With these sellers largely out of the picture, Solana’s supply is now predominantly in the hands of committed holders anticipating higher prices.
On the development front, Solana continues to shine. Electric Capital’s 2024 Developer Report crowned Solana as the #1 ecosystem for new developers, marking the first time any blockchain ecosystem has surpassed Ethereum since 2016. Over the year, 7,625 new developers began building on Solana, a milestone fueled by the community’s relentless efforts.
The report, which tracks developer activity through open-source repositories, also highlighted Solana as the fastest-growing large ecosystem (with 2,000+ developers). The network experienced an impressive 83% year-over-year growth in monthly active developers.
In July 2024, Solana overtook Ethereum as the top ecosystem for new developers — a monumental achievement showcasing its expanding influence. Globally, Solana leads in developer adoption in Asia, ranking first in India and second in regions like the U.S., U.K., Canada, and China. Across continents, it is now the second-largest developer ecosystem overall.
With a loyal investor base and a surge in developer activity, Solana is solidifying its position as a dominant force in the blockchain space. Its global growth underscores its potential to shape the future of decentralized technologies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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