The Solana network experienced a significant increase in its stablecoin supply, rising from $6.1 billion to $9.6 billion over three days following Donald Trump's launch of a memecoin, leading to a 57% increase. This surge in demand resulted in $39 billion in decentralized exchange trading volume on Solana, vastly outpacing previous records. The Trump and Melania memecoins were paired with Circle's USDC, creating upward price pressure on Solana-native USDC as traders bought the tokens with stablecoins. Despite the initial excitement surrounding the memecoin launch, the token's price declined by 40% from its peak, and its long-term utility remains uncertain. However, the rapid inflow of stablecoins highlights Solana's potential as a platform for payment solutions and liquidity in the crypto space. The event echoes the past growth seen in Ethereum's DeFi sector, emphasizing the importance of stablecoins in the crypto ecosystem.

Source 🔗