Hold onto your hats, folks! Solana is making waves in the crypto seas with its stablecoin market cap soaring to a jaw-dropping $10.7 billion. And what's stirring up this storm, you ask? A good old-fashioned meme coin frenzy!
Solana, the blockchain heavyweight that's nipping at Ethereum's heels, has been on a tear lately. Thanks to its killer ecosystem, it's seen explosive growth in the value of its stablecoins. Just check out the figures from DefiLlama, which reveal that Solana’s stablecoin market cap has hit a cool $10.7 billion. And that's not even its first rodeo – back in June 2022, it was cruising at a high of $6.259 billion.
Now, let's talk stablecoin supremacy. While Ethereum and Tron have been hogging the spotlight, with Tron’s stablecoin market cap leaping from $31 billion to almost $50 billion, Solana's recent boom has been nothing short of spectacular. Ethereum and Tron saw modest gains of just over 1% in the past week, but Solana? It catapulted by a whopping 77.45%, smashing past the $10 billion mark and setting a new record.
But that's not all. Solana's blockchain is flexing its muscles, processing around 350 million transactions daily and raking in $50 million in fees. Annualize that, and we're talking $19.4 billion!
When it comes to stablecoins, Solana is dancing to its own beat. Unlike Ethereum and Tron, where Tether reigns supreme, Solana’s crown jewel is USDC, making up 77.2% of its market cap. Over the past week, $3.75 billion worth of USDC has been issued, taking its total to a hefty $8.26 billion.
And let's not forget about the meme coin mania that's fuelled this surge. The buzz comes from the launch of two tokens on the blockchain, courtesy of, wait for it, Donald and Melania Trump! The Official Trump (TRUMP) coin was the toast of the town, boasting a market cap of $15 billion and giving meme coin giants Pepe and Shiba Inu a run for their money. But Melania Meme (MELANIA) stole the show, knocking TRUMP's value down by half in mere hours.
Currently, TRUMP is hanging around the $36 mark, with a market cap of $7.25 billion, ranking it as the 29th largest cryptocurrency. Meanwhile, MELANIA is down 24% in the last 24 hours, trading at $2.79.
All this meme coin madness has given Solana’s SOL token a hefty boost, shooting up by 18% to reach a new all-time high of $270. So, buckle up, because Solana's taking us on a wild ride through the crypto cosmos!
