Solana Sees 73% Surge in Stablecoin Supply, Becomes Third-Largest Network
Solana has experienced a 73% increase in stablecoin supply over the past 15 days, driven by strong demand for meme coins $TRUMP and $MELANIA. This surge positions Solana as the third-largest blockchain in stablecoin supply, surpassing BNB Chain.
- Stablecoin supply on Solana rose by 112% monthly, reaching $11.1 billion.
- Circle's USDC leads with 78% market share; Tether's USDt holds 12%.
- USDC's market cap increased by nearly 20%, minting close to $8 billion this month.
Reasons for Growth
- Fast and low-cost transactions have attracted meme coin projects.
- The launch of $TRUMP and $MELANIA created significant hype and liquidity demand.
SOL Price Action
- SOL price increased by 24% in January, currently at $234.5.
- Price volatility observed between $185 and $287.
- Analysts suggest potential retracement to $230 before possible upward movement.
Coinbase plans to list new futures contracts for Solana starting February 2025, which may enhance liquidity and support SOL price growth towards $300.