Analysis

Stablecoin Supply on Solana (SOL) Skyrockets Following Trump Memecoin Launch: CCData

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 response to 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 change (DEX) buying and selling exercise on Solana, which in flip led to the rise in stablecoin provide, in response to 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 full 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 development, in response to CCData. Nevertheless, the highest stablecoin by market cap, Tether’s USDT, misplaced market share, with its dominance stage 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.

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