What to know:
- In a plot twist worthy of a soap opera, Solana’s stablecoin supply has doubled this month to a staggering $10 billion, all thanks to the on-chain trading frenzy sparked by the launch of the TRUMP memecoin. Yes, you read that right. 🤦♂️
- TRUMP made its grand debut on the Solana-based decentralized exchange Meteora, paired with USDC, which, according to the wise sages at Coinbase, sent demand for the stablecoin soaring like a bald eagle on a windy day.
- Meanwhile, Solana has been raking in record-breaking daily DEX trading volumes of $25 billion, while its native token SOL has been strutting its stuff as the best-performing asset in the CoinDesk 20 Index. Talk about a glow-up! 💅
Solana (SOL), the blockchain that’s faster than a caffeinated squirrel, has found itself at the epicenter of a trading frenzy, all thanks to the TRUMP memecoin, which has sent stablecoin supply on the network to dizzying new heights. 🎢
According to the oracle known as Artemis, the total stablecoin supply on Solana has surged to $10.5 billion, doubling since the dawn of January. Circle’s USDC has taken the lead, surpassing $8 billion in circulation, while Tether’s USDT has also joined the party, growing to $2 billion from a mere $917 million. Stablecoins, it turns out, are the lifeblood of the crypto economy, providing liquidity like a well-stocked bar at a wedding. 🍹
Solana and its bustling ecosystem have become the hottest nightclub in the crypto world, where tokens are launched faster than you can say “memecoin,” and crypto AI agents are the new bouncers. 🕺
The network’s stablecoin liquidity has been growing steadily, but it skyrocketed after the launch of the TRUMP coin on January 17, the “official” memecoin tied to the U.S. President. Released on Solana, this token has been trading like hotcakes on decentralized exchanges, driving transaction activity and liquidity inflows to the network. Who knew politics could be so profitable? 💰
Before the TRUMP coin made its way to the popular centralized exchanges like Binance and Coinbase, eager traders had to first acquire USDC to buy the coin on the decentralized exchange (DEX) Meteora. David Duong and David Han from Coinbase Institutional Research noted this in a Friday report, which is a fancy way of saying, “Get your USDC first, folks!”
Alongside the stablecoin growth, trading volume on Solana-based DEXs has soared to record highs of over $25 billion daily, executing a whopping 74% of overall DEX trading volume across all blockchains. Sean Farrell, head of digital asset research at Fundstrat, called these numbers “staggering,” which is a polite way of saying, “What on earth is happening?” 🤯
The increased activity has also been reflected in Solana’s native token (SOL) price, which has posted a 20% gain this week, leaving Bitcoin‘s (BTC) 2% advance in the dust. Talk about a competitive spirit! 🏆
While USDC and Tether’s USDT continue to dominate the stablecoin market on Solana, there’s a growing number of new contenders entering the ring. Tom Wan, head of data at Entropy Advisors, noted that last week, Hong Kong-based First Digital added native support on Solana for its $1.8 billion FDUSD fiat-backed stablecoin. DeFi lending giant Sky, formerly known as MakerDAO, also brought its yield-generating USDS stablecoin to the network in November. The more, the merrier, right? 🎉
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2025-01-24 23:45