Solana stablecoin supply increases by 73% since Trump memecoin launch
Since the launch of Donald Trump's memecoin in January, the supply of stablecoins on the Solana network has surged by an impressive 73%. This increase is due to a significant rise in network activity, which was sparked by the launch of $TRUMP, the former U.S. president's memecoin.
According to a report from CCData published on January 30, the total supply of stablecoins on Solana now stands at $11.1 billion, representing an impressive 112% increase compared to January 1. This increase in supply coincided with a wave of capital inflows into the network, stimulated by the launch of Trump's memecoin.
As a result of these developments, Solana has surpassed BNB Chain and is now the third-largest blockchain network based on stablecoin supply. However, it still lags behind Ethereum and Tron, which continue to hold the top two spots.
Trump's memecoin, $TRUMP, briefly reached a fully diluted value (FDV) of over $80 billion shortly after its launch, but later stabilized around an FDV of $26 billion as of January 30.
USDC has gained ground against USDt since December, mainly due to questions about Tether‘s regulatory compliance under the European MiCA legislation, which aims to standardize and regulate the crypto market.
The rise of Solana stablecoin shows how quickly the network is growing and how memecoins can influence the broader crypto and blockchain market. However, the demand for stability will continue to play a key role in Solana's future adoption and growth, especially when it comes to integrating more regulatory measures and stablecoin dominance.
Disclaimer: This is not financial advice. Always consider conducting your own research and seeking professional advice.
According to a report from CCData published on January 30, the total supply of stablecoins on Solana now stands at $11.1 billion, representing an impressive 112% increase compared to January 1. This increase in supply coincided with a wave of capital inflows into the network, stimulated by the launch of Trump's memecoin.
As a result of these developments, Solana has surpassed BNB Chain and is now the third-largest blockchain network based on stablecoin supply. However, it still lags behind Ethereum and Tron, which continue to hold the top two spots.
Solana's Memecoin success and network activity
The launch of Trump's memecoin has driven unprecedented trading volume on the Solana network. It even resulted in network congestion, according to the platform Moonshot, which was recommended by Trump for the purchase of the memecoin. The platform reported that more than 200,000 new users have registered on the network since the token's launch.Trump's memecoin, $TRUMP, briefly reached a fully diluted value (FDV) of over $80 billion shortly after its launch, but later stabilized around an FDV of $26 billion as of January 30.
Dominance of stablecoins on Solana
On the Solana network, Circle's USD Coin (USDC) continues to dominate the market, accounting for nearly 78% of the stablecoin supply. Tether‘s USDt, on the other hand, lags behind with only about 12% market share on Solana.USDC has gained ground against USDt since December, mainly due to questions about Tether‘s regulatory compliance under the European MiCA legislation, which aims to standardize and regulate the crypto market.
The rise of Solana stablecoin shows how quickly the network is growing and how memecoins can influence the broader crypto and blockchain market. However, the demand for stability will continue to play a key role in Solana's future adoption and growth, especially when it comes to integrating more regulatory measures and stablecoin dominance.
Disclaimer: This is not financial advice. Always consider conducting your own research and seeking professional advice.