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The Daily Hodl 2025-02-02 01:00:21

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. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Stablecoin Supply on Solana (SOL) Skyrockets Following Trump Memecoin Launch: CCData appeared first on The Daily Hodl .