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Solana leads weekly stablecoin growth: Surges above $5 Billion
In a remarkable turn of events, Solana has emerged as the top blockchain in terms of stablecoin growth for the week. The Solana network recorded an impressive increase of approximately $424.87 million to its stablecoin marketcap, surpassing the $5 billion mark. This milestone underscores the network’s resilience and growth potential in 2024.
The recent surge is a testament to the significant traction Solana has gained this year. At the start of the year, Solana’s stablecoin marketcap stood at approximately $1.83 billion. The dramatic increase highlights the network’s impressive performance and its ability to capitalize on growing demand for decentralized finance (DeFi) services.
The growth is also reflected in the platform’s total value locked (TVL), which surpassed $55 billion for the week, marking a new high. This surge can be attributed to the network’s remarkable network growth and increasing investor confidence. Despite this, both metrics were expected to conclude the year below their all-time highs achieved in 2022.
It is crucial to note that Solana’s native coin, SOL, has also seen some bullish activity. The token recorded an impressive 11.39% weekly gain, trading at $194 per unit at the time of writing. This price action could signal a shift in market sentiment, as it indicates that bears may have cooled off after a four-week bearish trend.
The recent growth and performance should be taken into consideration by investors, as they can potentially impact the coin’s future trajectory.
Source: ambcrypto.com
