Solana edges out Ethereum, Tron in stablecoin volumes

• Solana’s market share soared to 33.76%, in comparison with simply 1.17% a 12 months in the past.
• SOL regained its bullish energy, bouncing above $100 for the primary time in additional than two weeks.

Solana [SOL] turned the most important blockchain for stablecoin transfers in January, surpassing the likes of Ethereum [ETH] and Tron [TRX] for the primary time.

In response to AMBCrypto’s examination of Artemis information, stablecoins value $497 billion had been transferred on the Solana blockchain throughout January, a file excessive.

With this, Solana’s market share soared to 33.76%, in comparison with simply 1.17% a 12 months in the past.

Supply: Artemis

Solana drives stablecoin transfers

The demand for stablecoins shot up drastically over the previous two months, primarily pushed by optimism linked to identify Bitcoin [BTC] ETFs approval.

Constructive forecasts in regards to the market led many buyers to build up prime cryptos utilizing stablecoins.

Nevertheless, not like the bear market, which noticed Ethereum and Tron cornering greater than 80% of the stablecoin volumes, the most recent surge was primarily pushed by Solana.

AMBCrypto examined the above graph additional and observed a five-fold soar in month-to-month stablecoin volumes on Solana between November and January.

Compared, Ethereum’s quantity rose solely by 31%, whereas Tron’s stablecoin trades successfully remained the identical.

Is USDC behind the turnaround?

USD Coin [USDC] was the dominant stablecoin on the Solana blockchain, with over 56% share of the overall provide, based on DeFiLlama.

Apparently, USDC’s market cap on Solana elevated by greater than 14% over the previous month, whereas most different stablecoins recorded a drop.

This strongly indicated that USDC volumes on Solana had been the first drivers in boosting total stablecoin switch volumes.

SOL is again to good well being

In one other excellent news, the community’s native token SOL regained its bullish energy, bouncing above $100 for the primary time in additional than two weeks.

How a lot are 1,10,100 SOLs value right this moment?

In response to CoinMarketCap, SOL was exchanging fingers at $104 as of this writing, marking a 30% achieve over the previous week.

As anticipated, the bullish worth motion led merchants to go lengthy on the asset. SOL’s bullish bets outnumbered bearish bets within the final two days, AMBCrypto noticed utilizing Coinglass information.

Supply: Coinglass