Solana’s stablecoin supply has seen a massive jump recently, thanks to the launch of a Donald Trump memecoin.
A Huge Spike in Stablecoins
According to crypto research firm CCData, Solana’s stablecoin supply rocketed by a whopping 73.6% since the launch of the “TRUMP” memecoin on January 18th. This surge is linked to a massive influx of cash and record-breaking trading activity on Solana’s decentralized exchanges (DEXs).
Overall, January saw Solana’s stablecoin supply climb 112%, reaching a record high of $11.1 billion. This growth isn’t unique to Solana; the total stablecoin market cap across all crypto networks also jumped 5.68% in January, hitting $215 billion. This marks 16 months of continuous stablecoin growth.
Tether’s Dominance Takes a Hit
While the overall stablecoin market boomed, Tether (USDT), the largest stablecoin, saw its market share dip slightly, falling from 67.5% to 64.9%.
Solana’s Price Action
At the time of writing, Solana (SOL) is trading around $229.24. While it’s up nearly 18% over the past month, it’s currently down about 4% in the last 24 hours and over 11% in the past week.
Disclaimer: This information is for general knowledge only and isn’t financial advice. Investing in crypto is risky, so always do your own research before investing.
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