The supply of the Solana stablecoin spiked 57% as Trump’s memecoin launched on Friday night. It may have been the largest spike in demand for cryptocurrency trading in history.
Solana apps and infrastructure slowed down and sometimes failed as the network clocked $39 billion in DEX trading volume on Sunday alone, making the previous daily high of $10 billion look lame, research claims.
It is inviting merely speculative thinking, but a tranche of people considered Trump’s first foray into memecoin was an opportunity for a large new class of cryptocurrency users.
With its token dipping 40% from its peak over the weekend, the project appears to be completely engrossed in gambling. However, a dramatic increase in Solana’s stablecoin supply could have bigger implications for the longer term. The Solana network had roughly $6,111 billion of stablecoins as of Friday, according to data from Research.
It had $9.6 billion of stables yesterday. It also means that in three days, there were 57 percent more new stablecoins, or $32.5 billion. The last $3.05 billion in stablecoins Solana added between Friday and March 17, 2024, provides perspective on this. It managed to compress 306 days of stablecoin growth into the space of one network weekend.
Because Circle’s USDC stablecoin was paired with the TRUMP and MELANIA memecoins, created by America’s couple, traders were left only to buy the tokens with it.
Also Read: Solana Price Touches $272: Will It Reach New Heights?
