The launch of President Donald Trump’s Official Trump (TRUMP) memecoin has pushed a considerable rise in stablecoin provide on Solana (SOL), in line with the newest report from crypto analysis agency CCData.
Because the launch of the TRUMP token on January 18th, Solana’s stablecoin provide has surged by 73.6%.
This spike is attributed to elevated capital inflows and record-breaking decentralized change (DEX) buying and selling exercise on the Solana community, following the TRUMP coin’s introduction.
Consequently, Solana’s stablecoin provide noticed a big 112% improve in January, reaching an all-time excessive of $11.1 billion.
Over the identical interval, the entire stablecoin market cap throughout all blockchains grew by 5.68%, bringing the entire to $215 billion.
January marked the sixteenth consecutive month of stablecoin provide progress, although Tether (USDT) noticed a lower in market share, dropping from 67.5% to 64.9%.
In the meantime, Solana (SOL) is presently priced at $229.24, reflecting an almost 4% drop previously 24 hours and over 11% previously week, but it surely stays up by almost 18% within the final 30 days.
