11 Billion Dollars in Market Cap: Solana's Explosive Growth in Stablecoins

Solana breaks records and leaves the competition behind. With a spectacular rise, this blockchain with overambitious goals asserts itself in the crypto landscape. The latest achievement: its brazen dominance in the stablecoin market, a true masterstroke that shakes up established leaders. But behind this success lies an unexpected frenzy — that of memes. Decoding.

Solana shines in the world of stablecoins

The Solana news: its stablecoin market has reached a historic milestone: 11.06 billion dollars. A dazzling ascent marked by an overwhelming dominance of USDC, which represents 77.9% of this value, or 8.26 billion dollars.

By comparison, Tether, the undisputed king on Ethereum and Tron, remains a minority on Solana, with less than 2 billion.

But how did this blockchain, which was languishing under 2 billion until 2024, explode so suddenly? In a word: memes. The introduction of TRUMP and MELANIA coins generated a frenzy of trading.

The TRUMP coin, carried by a passionate community, briefly reached a peak of 15 billion before dropping to 7.25 billion. As for MELANIA, it disappointed its fans with a 24% drop in 24 hours.

Some impressive figures:

• 350 million daily transactions;
• 50 million dollars in fees generated each day;
• 19.4 billion dollars annualized in transaction revenue.

The daily transaction fee spend on @solana is at all-time highs: ~$50 million / day.

That's ~$19.4 billion annualized.

Low fees, high throughput, and high utilization = great business. pic.twitter.com/0vnMElMr51

— Token Terminal | We are hiring! (@tokenterminal) January 21, 2025

According to Token Terminal:

“Low fees, high throughput, and strong usage = good deals.”

A formula that seems tailor-made for Solana.

A crypto market shaken by Solana’s momentum

While Tron and Ethereum struggle to exceed 1% weekly growth of their stablecoins, Solana jumps 77.45% in a week, thereby smashing all predictions. This spectacular growth is based on cutting-edge technology, capable of handling a colossal volume of transactions at ridicuously low costs.

ATH for Solana stablecoin supply

accelerate 🏎️ pic.twitter.com/7Fr9hZrd5G

— Solana (@solana) January 22, 2025

This performance does not go unnoticed. “The ATH for Solana’s stablecoin supply is accelerating,” rejoices the official Solana account on X. And for good reason: the ecosystem is attracting more and more users, captivated by its speed and low costs.

But beware, the crypto market remains volatile. The memes that propelled Solana to the top can also cause turbulence. The fierce competition between TRUMP and MELANIA is one example: this unexpected duel has boosted the visibility of the blockchain while highlighting the risks of excessive dependence on this type of speculative assets.

By early 2024, Solana crossed the barrier of 5 billion TVL in stablecoins, a record. In December alone, the SOL crypto generated 1 billion dollars. One thing is certain: Solana continues to amaze and reshape the contours of the crypto market.