Stablecoin provide on the Ethereum (ETH) rival Solana (SOL) has surged up to now couple of weeks after the rollout of President Donald Trump’s Official Trump (TRUMP) memecoin, in accordance 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 huge capital inflows and record-breaking decentralized trade (DEX) buying and selling exercise on Solana, which in flip led to the rise in stablecoin provide, in accordance 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 whole 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 accordance with 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 practically 4% up to now 24 hours and greater than 11% up to now week, although it stays up by practically 18% up to now 30 days.
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