Stablecoin Supply on Solana (SOL) Skyrockets Following Trump Memecoin Launch: CCData
Stablecoin supply on the Ethereum ( ETH ) rival Solana ( SOL ) has surged in the past couple of weeks after the rollout of President Donald Trump’s Official Trump ( TRUMP ) memecoin, according to the crypto research firm CCData.
CCData notes in a new report that Solana’s stablecoin supply has ripped by 73.6% since January 18th, the day after the TRUMP coin launched.
TRUMP led to massive capital inflows and record-breaking decentralized exchange (DEX) trading activity on Solana, which in turn led to the increase in stablecoin supply, according to the research firm.
The stablecoin supply on Solana surged by a total of 112% across the month of January to reach a new all-time high of $11.1 billion. The total market capitalization of stablecoins across all chains also jumped by 5.68% last month to $215 billion.
January represented the 16th consecutive month of stablecoin growth, according to CCData. However, the top stablecoin by market cap, Tether’s USDT , lost market share, with its dominance level dropping from 67.5% to 64.9% last month.
SOL is trading at $229.24 at time of writing. The fifth-ranked crypto asset by market cap is down nearly 4% in the past 24 hours and more than 11% in the past week, though it remains up by nearly 18% in the past 30 days.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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