Solana’s Stablecoin Supply Soars 73% Thanks to TRUMP’s Memecoin Launch!

Hold onto your hats, folks! The total supply of stablecoins on Solana (SOL) has skyrocketed by more than 73% since mid-January, and you know who to thank? That’s right, President Donald Trump and his memecoin launch!

According to a Jan. 30 report by research firm CCData, Solana’s stablecoin supply stands at $11.1 billion, a 112% increase since Jan. 1. And guess what? This surge coincided with the launch of Trump’s memecoin, $TRUMP, on Solana, which resulted in record [decentralized exchange] trading activity.

Thanks to Trump’s memecoin hype, Solana has surpassed Binance Chain to become the third-largest blockchain network by stablecoin supply, according to CCData. But don’t worry, Ethereum and Tron are still ahead of them.

Trump memecoin mania

US President Donald Trump’s advisory team launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network, ahead of Trump’s presidential inauguration on Jan. 20.

The memecoin launches brought significant trading volume to Solana, reportedly causing congestion on the network. Moonshot, the platform Trump pointed his followers to for purchasing the memecoin, reported more than 200,000 new onchain users since the token launched.

Trump’s eponymous token briefly broke $80 billion in fully diluted value (FDV) within a day of launching. It later retraced and traded at an FDV of around $26 billion as of Jan. 30, according to data from CoinMarketCap.

Shifting stablecoin dominance

Circle’s USD Coin (USDC) stablecoin dominates on Solana, comprising nearly 78% of stablecoin supply. Meanwhile, Tether (USDT) lags significantly, with approximately 12% of market share on Solana, CCData said.

At a market capitalization of approximately $50 billion, USDC is the second most popular stablecoin after USDt, which has a market capitalization of around $140 billion as of Jan. 30, according to CoinGecko.

Circle’s USDC has been gaining against USDT since December amid questions surrounding Tether’s compliance with the Markets in Crypto-Assets Regulation (MiCA), the European Union’s regulatory framework designed to standardize and regulate the crypto market.

Read More

• Best Race Tier List In Elder Scrolls Oblivion

• Discover Liam Neeson’s Top 3 Action Films That Will Blow Your Mind!

• Kanye West Praises Wife Bianca’s Daring Naked Dress Amid Grammys Backlash

• OM PREDICTION. OM cryptocurrency

• Nintendo Switch 2 Price & Release Date Leaked: Is $449 Too Steep?

• Netflix’s New Harlan Coben Series Features Star-Studded Cast You Won’t Believe!

• Brandon Sklenar’s Shocking Decision: Why He Won’t Watch Harrison Ford’s New Show!

• EUR PKR PREDICTION

• Top 5 Hilarious Modern Comedies Streaming on Prime Video Now!

• Attack on Titan Stars Bryce Papenbrook & Trina Nishimura Reveal Secrets of the Saga’s End

2025-01-31 00:35