Solana Sees Surge in Stablecoin Volume and Active Addresses
A strong surge in stablecoin volume and active addresses has been observed on the Solana protocol. This marks a positive turn for the platform, which has experienced its fair share of challenges in the past. Let’s take a closer look at these recent developments and what they mean for SOL holders.
More stablecoin flows
Recent data shows that Solana’s monthly USD Coin (USDC) transfer volume has surpassed $70 billion in just one month. This is a significant milestone for the platform, as it has attracted more users to its services. The notable increase in daily transactions and active addresses underscores the rapid growth and widespread usage of Solana.
Rise in TVL and DEX volumes
Additionally, the Total Value Locked (TVL) and decentralized exchange volumes of Solana have witnessed a rise, signaling increased trading activity on the network. This is a positive indicator for the platform, which has faced several challenges in the past, including network outages and negative associations with failed crypto exchanges.
Will you sell your SOL?
At the time of this report, SOL was trading at $58.41, experiencing a significant surge in price over the past week. However, there has been a decrease in the social volume and weighted sentiment around the token, indicating a more negative sentiment among investors.
Overall, the recent surge in stablecoin volume and active addresses on Solana suggests a positive turn for the protocol, positioning it as a thriving and actively engaged network. However, it remains to be seen how these developments will impact the sentiment and actions of SOL holders in the future.
### News source: eng.ambcrypto.com