🔥 Solana's Stablecoin Supply Surges 130% in 2024! Is This a Bullish Signal? 🚀
The stablecoin supply on the Solana (SOL) network has seen an extraordinary spike of 130% since the beginning of the year! From just $5 billion, it has now surged to $11.8 billion. This increase is largely driven by USDC, which now dominates 92% of the total stablecoins on Solana.
💰 Circle, the issuer of USDC, continues to mint stablecoins in large quantities! In just the last few months, they have added $10 billion USDC to the market since January. Overall, the global supply of USDC has risen 32% to reach $58 billion.
📊 The market capitalization of stablecoins on Solana has now reached $11.9 billion!
According to former Binance Director, David Alexander, although crypto faces significant challenges, stablecoins continue to grow rapidly. In fact, the total market capitalization of stablecoins has reached a record high of $228 billion, with USDT still dominating 62.94% of the market share.
🔥 What are the main triggers for this surge?
A CCData report reveals that the supply of stablecoins on Solana surged 112% just in January, largely due to the massive hype from the launch of the meme coin TRUMP, which attracted significant capital inflows to the Solana network.
📉 However, what about the price of SOL?
Currently, Solana is trading at $133, experiencing a correction of 5.40% in the last seven days.
✨ Is this an opportunity for accumulation? Or just temporary before a deeper correction?
Drop your opinion in the comments section! 🔥👇