Solana Stablecoin Supply Increases 57% Following Trump Memecoin Launch
Donald Trump launched a memecoin, resulting in a significant spike in trading demand within the crypto market. Key points include:
- Solana's infrastructure faced high strain, processing $39 billion in DEX trading volume on Sunday, surpassing its previous daily record of $10 billion.
- The memecoin is down 40% from its peak on Sunday, with no clear purpose beyond speculation.
- Solana’s stablecoin supply surged from $6.1 billion to $9.6 billion over three days, marking a 57% increase.
- This growth equates to Solana adding the same amount of stablecoins that took 306 days previously.
- The TRUMP and MELANIA tokens are paired with Circle’s USDC, increasing demand for USDC and causing upward price pressure.
- Despite skepticism about the memecoin being a cash grab, it may positively impact Solana's ecosystem.