Solana’s Stablecoin Supply Skyrockets After TRUMP Token Debut
The launch of President Donald Trump’s Official Trump (TRUMP) memecoin has driven a substantial rise in stablecoin supply on Solana (SOL), according to the latest report from crypto research firm CCData.
Since the launch of the TRUMP token on January 18th, Solana’s stablecoin supply has surged by 73.6%.
This spike is attributed to increased capital inflows and record-breaking decentralized exchange (DEX) trading activity on the Solana network, following the TRUMP coin’s introduction.
As a result, Solana’s stablecoin supply saw a significant 112% increase in January, reaching an all-time high of $11.1 billion.
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Major Crypto Investor Faces Significant Losses After Recent Sell-OffOver the same period, the total stablecoin market cap across all blockchains grew by 5.68%, bringing the total to $215 billion.
January marked the 16th consecutive month of stablecoin supply growth, though Tether ( USDT ) saw a decrease in market share, dropping from 67.5% to 64.9%.
Meanwhile, Solana (SOL) is currently priced at $229.24, reflecting a nearly 4% drop in the past 24 hours and over 11% in the past week, but it remains up by nearly 18% in the last 30 days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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