Ethereum (ETH) competitor Solana (SOL) witnessed an explosion in on-chain activity last month, according to the crypto data firm Nansen.
Nansen notes that Solana’s monthly active address count surged by 86% in May, reaching a total of 9.5 million addresses, which ranks third among all chains.
According to Nansen, active addresses refer to the number of addresses that have executed a transaction on the blockchain.
Ethereum, by comparison, saw a 4% month-on-month decrease in monthly active addresses in May, clocking 4.7 million, which ranks fifth on Nansen’s list.
First on the list is Binance Coin (BNB), the utility of the world’s largest crypto exchange, which registered 12.4 million monthly active addresses last month, a 14% increase.
Both SOL and BNB suffered price plunges this week after the U.S. Securities and Exchange Commission (SEC) labeled the crypto assets securities in a pair of lawsuits against top global crypto exchange Binance and top US exchange Coinbase.
BNB is trading at $254.40 at time of writing. The fourth-ranked crypto asset by market cap is down 1.6% in the past 24 hours and more than 16% in the past seven days.
SOL is trading at $16.36 at time of writing. The 10th-ranked crypto asset by market cap is down 7.74% in the past day and more than 24% in the past week.
Crypto prices crashed across the board on Monday after news broke regarding the SEC’s lawsuit against Binance and its CEO Changpeng Zhao. The regulator alleged the exchange violated investor protection and securities laws. A day later, the SEC launched a lawsuit against Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.”
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