- Solana’s market share jumped to just about 32% this month, in comparison with simply 1.17% a 12 months in the past.
- SOL continued its slide, dropping 5.46% of its worth over the week.
Solana [SOL] was slowly rising because the go-to chain for stablecoins.
In response to AMBCrypto’s evaluation of Artemis information, the month-to-month stablecoin switch quantity on Solana reached a report excessive of $316 billion this month.
This additionally marked the fourth straight month of development within the combination worth of stablecoins transferred on-chain.
Supply: Artemis
Solana surpasses Tron for the primary time
The switch quantity on Solana elevated by 6% from the earlier month, surpassing that of Tron [TRX] for the primary time.
On a yearly timeframe, this equated to a staggering 250% bounce from simply $11.56 billion in January 2023. Furthermore, the market share of stablecoin switch quantity on Solana jumped to just about 32% this month, in comparison with simply 1.17% a 12 months in the past.
With a share of 33.21%, the Ethereum [ETH] community held on to its numero uno rank.
However whereas switch quantity surged, the circulating provide of stablecoins on Solana continued to be on the decrease aspect.
Solana’s stablecoin provide has but to get well
With about $1.88 billion, Solana stood fifth on the checklist of chains by stablecoin market cap. This equated to only about 1.39% share of the full market.
Actually, the market share has failed to succeed in even 2% since November 2022. This was additionally the time when the FTX change collapsed, inflicting a ripple impact on Solana’s important efficiency metrics.
Supply: Artemis
USD Coin [USDC] was the dominant stablecoin on the Solana blockchain, with a 55.58% share of the full provide, based on AMBCrypto’s examination of DeFiLlama information.
Actually, simply final week, Artemis acknowledged in an X (formerly Twitter) post that USDC volumes on Solana had been the first drivers in boosting general stablecoin switch volumes.
SOL dropping beneficial properties made in 2023
In the meantime, the community’s native token SOL continued its slide, dropping 5.46% of its worth over the week, based on CoinMarketCap.
How a lot are 1,10,100 SOLs price at present?
The fifth-largest asset has now descended 11% because the begin of the 12 months, in sharp distinction to its efficiency within the final quarter of 2023 throughout which it jumped 5x.
The downward worth motion led merchants to go quick on the asset. AMBCrypto found utilizing Coinglass information that SOL’s bearish bets have outnumbered bullish bets on most days because the begin of 2024, reflecting a adverse sentiment.
Supply: Coinglass