Stablecoin provide on the Ethereum (ETH) rival Solana (SOL) has surged previously couple of weeks after the rollout of President Donald Trump’s Official Trump (TRUMP) memecoin, in keeping with the crypto analysis agency CCData.
CCData notes in a brand new report that Solana’s stablecoin provide has ripped by 73.6% since January 18th, the day after the TRUMP coin launched.
TRUMP led to large capital inflows and record-breaking decentralized alternate (DEX) buying and selling exercise on Solana, which in flip led to the rise in stablecoin provide, in keeping with the analysis agency.
The stablecoin provide on Solana surged by a complete of 112% throughout the month of January to succeed in a brand new all-time excessive of $11.1 billion. The overall market capitalization of stablecoins throughout all chains additionally jumped by 5.68% final month to $215 billion.
January represented the sixteenth consecutive month of stablecoin progress, in keeping with CCData. Nevertheless, the highest stablecoin by market cap, Tether’s USDT, misplaced market share, with its dominance degree dropping from 67.5% to 64.9% final month.
SOL is buying and selling at $229.24 at time of writing. The fifth-ranked crypto asset by market cap is down almost 4% previously 24 hours and greater than 11% previously week, although it stays up by almost 18% previously 30 days.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Test Value Motion
Comply with us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney