- PYUSD’s supply on Solana surged by 61%, but dipped 7% on Ethereum.
Solana’s developer called PYUSD a “sleeper hit” as its market capitalization rose from $180 million to $533.5 million.
As a researcher with a background in blockchain analysis, I’ve been closely monitoring the developments surrounding PayPal USD (PYUSD) on different blockchains. The recent surge of PYUSD on Solana, accompanied by a 7% dip on Ethereum, has caught my attention.
In recent crypto news, PayPal’s USD token represented by [PYUSD], has experienced notable price fluctuations. A significant increase of 61% was observed on the Solana [SOL] platform, whereas a decrease of 7% took place on Ethereum [ETH].
Inasmuch, analyst MartyParty tweeted that,
Over the last seven days, there’s been a significant increase of 61% in the availability of PYUSD on Solana. Conversely, the supply of PYUSD on Ethereum has dropped slightly by 7%.
This shift marked a significant change in the stablecoin landscape.
PYUSD transaction volumes skyrocket
The impact of this surge is clear.
The tweet continued,
The expansion in this area has led to a significant surge in trading activity for the stablecoin, with its weekly transactions more than doubling and exceeding $500 million towards the end of last month.
The surge in activity suggested a rising trend — investors were increasingly drawn to PayPal’s presence on Solana, attracting them in large numbers.
PYUSD’s market cap told a similar story of growth. MartyParty’s tweet continued,
“Update: Currently $PYUSD marketcap up from $180m to $533.5m.”
As a crypto investor, I’ve noticed an impressive rise in the value of PYUSD, which has brought it into the limelight. At present, it holds the fourth position among stablecoins on Solana based on market capitalization. Only USDT, USDC, and DAI have higher valuations than PYUSD at this moment.
Solana developer Paul Fidika took notice of these developments. MartyParty reported,
“The recent increase in activity has led Solana developer Paul Fidika (@PaulFidika) to label PYUSD as ‘Solana’s hidden gem,’ strengthening the blockchain’s reputation as a strong contender in the financial sector.”
Ripple effects in the crypto ecosystem
PayUSD’s achievement on the Solana platform goes beyond mere statistics. Rather, it signifies a transformation of the cryptocurrency landscape. The traditional finance sector is keeping a keen eye on PayPal’s actions, as they are generating significant buzz in the crypto market.
This might serve as a catalyst for wider acceptance, as it simultaneously urges other stablecoin providers to advance technologically.
After the recent market turbulence, the focus has shifted towards Py USD and Solana’s groundbreaking collaboration. As an investor, I’m excitedly watching this development as it could potentially revolutionize the stablecoin sector. This partnership serves as a powerful reminder of the constant innovation within crypto, urging us all to stay informed and prepared.
Based on the same analysis, there has been a notable increase in large-scale purchases of Solana on Coinbase, Binance (BNB), Gate, and OKX.
The automated orders totaled approximately $6.56 billion in buy orders, signaling optimism for Solana’s price surge.
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2024-07-11 06:48