Solana’s 20% Surge Amidst Stablecoin Boost

The decentralized finance analytics platform, DeFiLlama, reported an 8% surge in the supply of stablecoins on the Solana blockchain, reaching a total of $1.67 billion in the past week. Tether’s USDT maintained its dominance, constituting 54.02% of the market share. Meanwhile, the supply of the second-largest stablecoin on the chain, USDC, experienced a notable 20% increase, reaching $735 million, while USDT remained relatively stable. Over the same period, SOL, the native cryptocurrency of the Solana blockchain, recorded an impressive 20% surge in value.

While Bitcoin often captures the attention of market observers, Solana has emerged as a favored alternative among institutional investors. Crypto investment funds witnessed a continuous influx of capital last week, with particular interest in the sixth-largest cryptocurrency by market capitalization.

According to a recent report by CoinShares, a digital asset fund manager, Solana received $3 million in investments, highlighting the growing institutional interest in the altcoin. Notably, high-profile entities such as Visa and Shopify have recently announced their utilization of the SOL blockchain, contributing to its increased appeal. Presently, SOL is trading at $70.6, displaying a marginal hourly decline but showcasing an impressive 16% gain over the past seven days.

Solana Projects Gain Traction

In addition to the institutional interest, Solana’s blockchain has garnered attention for two trending tokens. JITO, a staking initiative built on the network, gained significant visibility as its native token, JTO, secured a prominent position on the trending tokens list across various social media platforms, including X, Reddit, Telegram, and 4Chan.

Furthermore, Bonk Inu [BONK], a canine-inspired token on Solana, has outperformed Pepe, establishing itself as the third-largest meme coin with a remarkable $727 million market capitalization. Despite trailing behind SHIB and DOGE, Bonk Inu has positioned itself as a significant social layer and utility token on SOL, ranking only below SOL and USDC in terms of platform usage. It boasts over 680,000 unique holders and has established partnerships with more than 300 entities, solidifying its presence and influence within the Solana ecosystem.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.