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- According to latest data, the stablecoin transfer volume on the Solana blockchain has surged above $300 billion.
- Ethereum has the largest stablecoin transfer volume with $317 billion according to reports.
According to the latest reports, stablecoins on the layer-1 Solana blockchain have recorded an increasing transfer volume. Blockchain analytics platform Artemis discloses that the transfer volume exceeded $300 billion in January, hitting a new record. It is important to note that the transfer volume reached $297 billion in December 2023.
This month, the figure stands at $303 billion. In January 2023, the transfer volume on the Solana blockchain was around $11.56 billion. This implies that the surge is around 2,520 percent. It is also important to note that the market share of stablecoins on Solana was around 1.2 percent last year.
This has increased to almost 32 percent according to reports. The stablecoin transfer volume had a promising growth from the beginning of 2023.
In October 2023, there was a sharp surge. From that period, the activities have increased by 650 percent.
Stablecoin transfer volume surpassed $367 billion for the week of January 8th. This notable growth can be attributed to the $USDC transfer volume on @solana, which has propelled stablecoins to reach their highest transfer volume levels in over a year.
Comparatively, stablecoins on Ethereum have the largest stablecoin transfer volume with $317 billion. The market share is said to be around 33 percent. Against Solana’s 32 percent market share, the layer 1 blockchain is certainly rubbing shoulders with Ethereum. Tron was the third blockchain with the largest stablecoin transfer volume of $240 billion in January.
Solana Price Analysis
Weekly stablecoin volume across all networks reached a yearly high on January 16 according to Artemis. So far, almost $1.18 trillion of stablecoins have been transferred across all networks. Solana has also had an increasing activity of decentralized finance, sending the Total Value Locked (TVL) to $1.36 billion, the highest since September 2022.
Solana (SOL) was one of the highest-performing cryptos last year and even had incredible growth this year until the current “bearish wind” swept across the broad market. Solana has fallen by 6% in the last 24 hours to trade at $87.31. The bearish score is currently around 13/100. On top of that, its weekly return is down by 8.6%. However, investors have had a profit of 176% on their three-month investment.
A price prediction platform has predicted that the minimum Solana could reach this year is $192.09. On average, the asset is expected to finish the year at $218.28 and even proceed to $244.47 before December 31.
The current bearish run was correctly predicted by pseudonymous analyst Bluntz who disclosed that the asset could stage a consolidation for a bit. Interestingly, he predicted that the pullback could be followed by a bullish reversal.
Beautiful rounded bottom forming on SOL. Would not be surprised to see some high timeframe sideways on this before the next mind-blowing parabola leg.
Veteran analyst Ali Martinez has also predicted that Solana could go as high as $163.
