The memecoin launch attracted hundreds of thousands of new onchain users, propelling Solana to become the third-largest blockchain network by stablecoin supply.
The total supply of stablecoins on Solana (SOL ) has jumped by more than 73% since mid-January, driven by a surge in network activity following the launch of President Donald Trump’s memecoin.
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.
“This increase coincided with a surge of capital inflows to the network following Donald Trump’s launch of his memecoin, $TRUMP, on Solana, which resulted in record [decentralized exchange] trading activity,” CCData said.
Solana has surpassed Binance Chain to become the third-largest blockchain network by stablecoin supply, according to CCData. It still lags behind Ethereum and Tron.
Solana’s stablecoin market cap over time. Source: CCData
Read more,# Solana Surges Thanks to Memecoin Madness
## Key Points
– Solana becomes the third-largest blockchain network by stablecoin supply.
– Stablecoin supply on Solana has skyrocketed by over 73% since mid-January.
– The driver behind this crypto rocket ride? President Trump’s memecoin, $TRUMP.
– Solana’s stablecoin supply hit $11.1 billion, a 112% jump since January 1 according to CCData.
– The launch spurred record trading activity on decentralized exchanges.
## Hot Take
Well, who knew that a little bit of political bling on the blockchain could blast Solana up the charts like a rocket? It seems that when it comes to memecoins, even the ghosts of past presidents can pump some serious cash into the crypto space. Next up: “Donald’s NFT Steakhouse”? I wouldn’t put it past him! Remember kiddos, don’t dive into the crypto pool without checking the water first! 🏊♂️💸 #Solana #Memecoins #TRUMP #CryptoSurge #Stablecoins #JustInvestNews
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Original article: https://cointelegraph.com/news/solana-stablecoin-supply-up-trump-launch?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
