Solana: Good stablecoin volumes, but can SOL lose 2023’s gains?

• Solana’s market share jumped to almost 32% this month, in comparison with simply 1.17% a 12 months in the past.
• SOL continued its slide, shedding 5.46% of its worth over the week.

Solana [SOL] was slowly rising because the go-to chain for stablecoins.

In accordance with AMBCrypto’s evaluation of Artemis knowledge, the month-to-month stablecoin switch quantity on Solana reached a file excessive of $316 billion this month.

This additionally marked the fourth straight month of progress within the combination worth of stablecoins transferred on-chain.

Supply: Artemis

Solana surpasses Tron for the primary time

The switch quantity on Solana elevated by 6% from the earlier month, surpassing that of Tron [TRX] for the primary time.

On a yearly timeframe, this equated to a staggering 250% soar from simply $11.56 billion in January 2023. Furthermore, the market share of stablecoin switch quantity on Solana jumped to almost 32% this month, in comparison with simply 1.17% a 12 months in the past.

With a share of 33.21%, the Ethereum [ETH] community held on to its numero uno rank.

However whereas switch quantity surged, the circulating provide of stablecoins on Solana continued to be on the decrease facet.

Solana’s stablecoin provide has but to recuperate

With about $1.88 billion, Solana stood fifth on the listing of chains by stablecoin market cap. This equated to simply about 1.39% share of the full market.

The truth is, the market share has failed to succeed in even 2% since November 2022. This was additionally the time when the FTX change collapsed, inflicting a ripple impact on Solana’s important efficiency metrics.

Supply: Artemis

USD Coin [USDC] was the dominant stablecoin on the Solana blockchain, with a 55.58% share of the full provide, in response to AMBCrypto’s examination of DeFiLlama knowledge.

The truth is, simply final week, Artemis acknowledged in an X (formerly Twitter) post that USDC volumes on Solana have been the first drivers in boosting general stablecoin switch volumes.

SOL shedding good points made in 2023

In the meantime, the community’s native token SOL continued its slide, shedding 5.46% of its worth over the week, in response to CoinMarketCap.

How a lot are 1,10,100 SOLs price at present?

The fifth-largest asset has now descended 11% because the begin of the 12 months, in sharp distinction to its efficiency within the final quarter of 2023 throughout which it jumped 5x.

The downward value motion led merchants to go brief on the asset. AMBCrypto found utilizing Coinglass knowledge that SOL’s bearish bets have outnumbered bullish bets on most days because the begin of 2024, reflecting a unfavorable sentiment.

Supply: Coinglass