Solana stablecoin’s 7-day trading volume flips Ethereum
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Blockchain users’ stablecoin trading volume on Solana reached $100 billion for the first time.
Solana was once hailed as the so-called “Ethereum killer”, flipping the altcoin blockchain with the largest stablecoin trading volume in cryptocurrencies in a matter of seven days.According to statistics, the difference in transaction volume between Solana and Ethereum exceeds $13 billion Artemix.xyz.
This milestone for Solana (SOL) comes on the heels of a flurry of activity on its blockchain, from inscription craze to memecoin mania, with some traders turning a few dollars into six-figure earnings. Airdrops like Jito have also attracted thousands of users to SOL’s blockchain.
Interest in Solana directly impacted SOL, as the cryptocurrency recovered to prices not seen since the Terra crash in 2022. SOL is up 1,000% in the last year, with the digital asset trading at over $110 at the time of writing.
As interest and price appreciated significantly, on-chain transactions followed suit, crypto.news reported. In December alone, the decentralized exchange (DEX) trading volume on Solana exceeded $28 billion. The blockchain also hit a new high for monthly active addresses, with SOL’s market capitalization exceeding $50 billion.
The surge allowed SOL to surpass Ripple’s XRP token to become the fifth-largest cryptocurrency on the market. At press time, Solana was trailing Binance’s BNB coin and even boasted Coingecko’s larger 24-hour trading volume.
With the upcoming token airdrop, SOL participants may receive more rewards. Jupiter, an emerging DEX on Solana, plans to launch its native digital currency in January.
