{"id":9774,"date":"2025-01-27T00:01:48","date_gmt":"2025-01-27T00:01:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9774"},"modified":"2025-01-27T00:01:48","modified_gmt":"2025-01-27T00:01:48","slug":"solana-stablecoin-market-cap-surpasses-10b-milestone","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9774","title":{"rendered":"Solana Stablecoin Market Cap Surpasses $10B Milestone"},"content":{"rendered":"
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Solana, the second-largest blockchain by Total Value Locked (TVL), has seen its ecosystem grow exponentially, driven by a rapid increase in the market value of its stablecoins.<\/p>\n

Data from the decentralized finance (DeFi) analytics platform DefiLlama shows that the network\u2019s stablecoin market cap had reached $10.7 billion at the time of writing.<\/p>\n

Breaking Records<\/h2>\n

Previously, the highest collective value<\/a> of all the stablecoins on Solana was about $6.259 billion, achieved in June 2022. Between December 2022 and January 2024, the metric stayed below the $2 billion level, as the blockchain\u2019s biggest rival, Ethereum, enjoyed figures<\/a> as high as $101 billion.<\/p>\n

In that period, Justin Sun\u2019s Tron also registered a higher market cap for its stablecoins, going from $31 billion in June 2022 to nearly $50 billion at the beginning of 2024.<\/p>\n

While the two networks have maintained dominance, Solana\u2019s recent growth is remarkable. In the last seven days, Ethereum and Tron\u2019s stablecoin values went up by slightly more than 1%. Meanwhile, Anatoly Yakovenko\u2019s platform skyrocketed by a massive 77.45%, going past the $10 billion mark and setting a new record in the process.<\/p>\n

The blockchain\u2019s technical capabilities are also being tested. It reportedly processes<\/a> about 350 million transactions daily, generating $50 million in fees, which, when annualized, amount to $19.4 billion.<\/p>\n

Unlike Tron and Ethereum, where the most dominant stablecoin is Tether, at 98.3% and 56.3%, respectively, Solana\u2019s biggest stablecoin is USDC, representing 77.2% of the market cap. The ecosystem saw $3.75 billion worth of the token issued over the past week, bringing its total to $8.26 billion.<\/p>\n

The value of USDT on the network is just slightly below $2 billion, with PayPal\u2019s PYUSD a distant third at $150 million.<\/p>\n

Meme Coin Mania Behind Solana\u2019s Performance<\/h2>\n

According to analysts, the surge was driven primarily by meme coin trading pairs using USDC and USDT. It coincided with the launch of two tokens on the blockchain, one by U.S. President Donald Trump and another by First Lady Melania.<\/p>\n

The Official Trump (TRUMP) coin was the talk of the town last weekend, reaching an eye-watering market cap of $15 billion and momentarily eclipsing\u00a0Pepe<\/a> and Shiba Inu<\/a> to become the second-largest meme coin in the market.\u00a0However, the introduction of Melania Meme (MELANIA) rained on TRUMP\u2019s parade, causing the President\u2019s token to lose<\/a> half its value in just a few hours.<\/p>\n

Right now, TRUMP is trading around the $36 level, with its $7.25 billion market cap placing it as the 29th largest cryptocurrency in the market. The other token is down 24% in the last 24 hours and is currently changing hands at $2.79.<\/p>\n

Incidentally, the frenzy accompanying the launch of the two meme coins pushed<\/a> SOL\u2019s price by 18%, helping it reach a new all-time high of $270.<\/p>\n

The post Solana Stablecoin Market Cap Surpasses $10B Milestone<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana, the second-largest blockchain by Total Value Locked (TVL), has seen its ecosystem grow exponentially, driven by a rapid increase in the market value of its stablecoins. Data from the decentralized finance (DeFi) analytics platform DefiLlama shows that the network\u2019s stablecoin market cap had reached $10.7 billion at the time of writing. Breaking Records Previously, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-9774","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9774"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9774\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}