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TRUMP Token Frenzy Drives Solana Stablecoin Supply to $10B, Record DEX Volumes

Solana (SOL), the layer-1 blockchain designed for high-speed and low-cost transactions, has been at the center of a trading frenzy with Donald Trump`s memecoin driving stablecoin supply on the network to a fresh record-high. The total stablecoin supply on Solana has surged to $10.5 billion, doubling since the start of January, according to data source Artemis . Circle`s USDC led the increase surpassing $8 billion in total circulation on Solana, adding more than $4 billion this month, while Tether`s USDT grew to $2 billion from $917 million, per Artemis. Stablecoins are a key piece of infrastructure in the crypto economy, serving as a popular source of liquidity for crypto trading. Solana and its ecosystem of in-built protocols built have become a bustling hub for trading and launching tokens in red-hot, fast-growing crypto sectors such as memecoins and crypto AI agents . The network`s stablecoin liquidity growth was steady over the past months as digital asset markets rejuvenated with crypto-friendly Trump`s election victory, but it skyrocketed with the launch of TRUMP coin Jan. 17, the "official" memecoin tied to the U.S. President. Released on Solana, the token garnered massive trading volume across decentralized exchanges, driving transaction activity and liquidity inflows to the network. Before the token got listed on popular centralized exchanges like Binance and Coinbase, trading with the TRUMP coin was first available on decentralized exchange (DEX) Meteora paired against the USDC stablecoin, David Duong and David Han from Coinbase Institutional Research, noted in a Friday report. That said, fast-moving traders first needed to first acquire USDC to buy the coin, driving USDC inflows to the network. Along with stablecoin growth, trading volume on Solana-based decentralized exchanges (DEX) also soared to record highs of more than $25 billion daily, executing 74% of overall DEX trading volume on all blockchains, the report noted. "Staggering numbers," Sean Farrell, head of digital asset research at Fundstrat, said in an X post . The increased activity was reflected in Solana`s native token ( SOL ) price, posting the largest gain through this week with 20% among the broad-market CoinDesk 20 Index members, vastly outperforming bitcoin`s (BTC) 2% advance. Read more: Solana Bull Bets Big on SOL Rallying to $400 While USDC and Tether`s USDT dominate the stablecoin market on Solana — as they do in the broader crypto landscape — there`s a growing number of up-and-coming issuers that recently expanded to the blockchain, noted Tom Wan, head of data at Entropy Advisors. Last week, Hong Kong-based First Digital added native support on Solana for its $1.8 billion FDUSD fiat-backed stablecoin. DeFi lending behemoth Sky, formerly MakerDAO, also brought its yield-generating USDS stablecoin to the network in November. NullTx

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Here Are Two Factors That Must Align for Altcoin Season To Kick Off, According to Glassnode Co-Founders

The co-founders of market intelligence platform Glassnode are identifying two catalysts that need to line up for altcoin season to officially kick off. In a new thread on the social media platform X, Glassnode and Swissblock co-founders Jan Happel and Yann Alleman – who together share the handle Negentropic – say that based on historical precedent, altcoin season could start if Bitcoin’s ( BTC ) dominance levels start to fell and its price stabilizes above $100,000. “Flashback to February 2021. In the last cycle, February kicked off altcoin season. Could it happen again? Two key factors must align: 1) Bitcoin dominance must decline. 2) Bitcoin must hold a stable price above $100,000. The scenario seems to be shaping up – will history repeat itself?” Source: Negentropic/X However, the duo goes on to note that the top crypto asset by market cap’s recent rise in dominance and price has delayed altcoin season. “Dominance: 58%+. Price: Holding strong above $100,000. Fundamental news has supercharged this Bitcoin-focused market, delaying an altcoin season for now. Altcoins? We’ll have to wait a bit longer… but the clues are starting to appear.” Source: Negentropic/X Earlier this week, Happel and Alleman said that BTC appears ready to break out based on the Bitcoin Fundamental Index (BFI), which evaluates several aspects of the Bitcoin market, including wallet activity and transaction volume. At the time, they predicted that the crypto king was en route to a $110,000 price tag but would first meet resistance around $106,000. Bitcoin is trading for $106,419 at time of writing, a marginal increase during the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Here Are Two Factors That Must Align for Altcoin Season To Kick Off, According to Glassnode Co-Founders appeared first on The Daily Hodl . NullTx