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Solana’s active wallet count has surpassed 100 million, a significant milestone for the network. However, blockchain data reveals that the majority of these wallets hold little to no SOL, sparking debates about the network’s growth.
According to Hello Moon, over 86 million wallets hold zero SOL, while around 15.5 million wallets have less than 1 SOL. Critics argue that bots may be inflating Solana’s wallet activity, a recurring claim tied to Solana’s low transaction fees and fast throughput.
Despite these concerns, Solana remains a powerful force in the blockchain world. It’s the third-largest DeFi network with a total value locked (TVL) of $5.41 billion, behind Ethereum and Tron. The network’s fees have increased slightly, but they remain far below Ethereum’s, enhancing its appeal for users and bots alike.
While questions about the legitimacy of Solana’s wallet numbers continue, the blockchain’s efficiency, fast transactions, and low fees remain core drivers of its growth.