Journalist
Posted:
- Solana observed a huge spike in stablecoin volume.
- The price of SOL grew, but sentiment around it fell.
Solana [SOL] is one of the protocols that has faced the most ups and downs in recent years. Amid multiple downtimes and the FTX FUD, the Solana protocol has remained resilient.
More stablecoin flows
According to recent data, Solana’s monthly USD Coin [USDC] The transfer volume exceeded $70 billion in one month. This remarkable transaction number was good news for the platform as it got more people interested in using its services.
Really encouraging to see such a strong ecosystem growing for USDC on Solana. ~850 billion annual run rate in Tx volume. https://t.co/rTQhn6fvQF
— Jeremy Allaire (@jerallaire) November 25, 2023
The number of Daily Active Addresses on the Solana network also grew significantly. Furthermore, due to high stablecoin activity, daily transactions taking place on the blockchain platform grew from 20 million to 51.63 million in 24 hours.
This increase in both active addresses and transactions underscored the rapid expansion and widespread use of Solana. It also strengthened its position as a thriving and actively involved network.
Source: Artemis
Solana’s TVL and DEX volumes also increased. This meant more people trading on the network. The TVL had surpassed the $600 million mark at the time of writing, a sure sign that more people were trusting the blockchain with their money.
This was further good news, as Solana suffered the most in 2022, when the network went down several times. Not to mention that its association with failed crypto exchange FTX nearly plunged SOL to the depths of despair by the end of the year.
Source: Artemis
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At the time of writing, SOL was trading at $58.41. Over the past week, the price of SOL has skyrocketed. However, the Social Volume metric around the token declined during this period. This decline was also reflected in Solana’s weighted sentiment, which stood at -0.268 at the time of writing.
This meant that at the time of writing there was more negative sentiment surrounding the token than positive.
Source: Santiment