In the grand theater of blockchain, Solana, that audacious second act, has taken the stage with a flourish, its ecosystem blossoming like a wildflower in spring. The market value of its stablecoins has soared, leaving onlookers gasping in disbelief.
According to the oracle of decentralized finance, DefiLlama, the stablecoin market cap has reached a staggering $10.7 billion. Yes, you read that right! It’s like finding a ten-dollar bill in your winter coat—unexpected but oh-so-sweet!
Breaking Records
Once upon a time, in the not-so-distant past, Solana’s stablecoins were worth a mere $6.259 billion, a record set in June 2022. But alas, between December 2022 and January 2024, it languished below the $2 billion mark, while Ethereum basked in its glory, flaunting a whopping $101 billion. Talk about a sibling rivalry!
Meanwhile, Justin Sun’s Tron was busy flexing its muscles, jumping from $31 billion to nearly $50 billion. It’s like watching your neighbor’s dog grow bigger while your cat just sits there, plotting world domination.
But wait! Solana has pulled a rabbit out of its hat! In just seven days, while Ethereum and Tron barely managed a 1% increase, Solana shot up by a jaw-dropping 77.45%. It’s like watching a tortoise suddenly sprout wings and fly past the finish line!
And let’s not forget the technical prowess of this blockchain marvel, processing around 350 million transactions daily. That’s $50 million in fees, which, when annualized, amounts to a staggering $19.4 billion. Who knew numbers could be so sexy?
Unlike its rivals, where Tether reigns supreme, Solana’s crown jewel is USDC, holding a robust 77.2% of the market cap. In just a week, $3.75 billion worth of USDC was issued, bringing its total to $8.26 billion. It’s like a money printer that just won’t quit!
USDT is hanging around just below $2 billion, while PayPal’s PYUSD is the wallflower at this party, barely making a splash at $150 million.
Meme Coin Mania Behind Solana’s Performance
Analysts, those wise sages of the crypto realm, attribute this meteoric rise to the meme coin trading pairs using USDC and USDT. It all kicked off with the launch of two tokens: one from the ever-controversial Donald Trump and another from the ever-enigmatic Melania.
The Official Trump (TRUMP) coin was the belle of the ball last weekend, reaching a dizzying market cap of $15 billion, momentarily overshadowing Pepe and Shiba Inu. But just as the party was getting started, Melania Meme (MELANIA) crashed the scene, causing TRUMP to lose half its value faster than you can say “fake news.”
Currently, TRUMP is trading around $36, with a market cap of $7.25 billion, making it the 29th largest cryptocurrency. Meanwhile, MELANIA is down 24% in the last 24 hours, trading at a mere $2.79. Ouch!
In a twist of fate, the frenzy surrounding these meme coins sent SOL’s price soaring by 18%, helping it reach a new all-time high of $270. Who knew that memes could be so powerful? It’s a wild world out there!
Read More
- INJ PREDICTION. INJ cryptocurrency
- SPELL PREDICTION. SPELL cryptocurrency
- How To Travel Between Maps In Kingdom Come: Deliverance 2
- LDO PREDICTION. LDO cryptocurrency
- The Hilarious Truth Behind FIFA’s ‘Fake’ Pack Luck: Zwe’s Epic Journey
- How to Craft Reforged Radzig Kobyla’s Sword in Kingdom Come: Deliverance 2
- How to find the Medicine Book and cure Thomas in Kingdom Come: Deliverance 2
- Destiny 2: Countdown to Episode Heresy’s End & Community Reactions
- Deep Rock Galactic: Painful Missions That Will Test Your Skills
- When will Sonic the Hedgehog 3 be on Paramount Plus?
2025-01-27 03:00