Solana (SOL) has seen a huge surge in activity on its blockchain, driven by the launch of TRUMP, a meme coin associated with U.S. President Donald Trump.
This increased interest in TRUMP has led to the total stablecoin supply on the Solana network doubling to $10.5 billion, according to data from Artemis Terminal.
As noted, this was driven by a massive surge in USDC trading, which surpassed $8 billion after adding over $4 billion in January alone.
The network’s USDT supply also doubled to $2 billion.
The launch of TRUMP on the Meteora decentralized exchange on Jan. 17 sparked a wave of liquidity and record trading volumes of over $25 billion per day on the Solana blockchain, accounting for 74% of total DEX trading volume across all blockchains.
These developments had a positive impact on the price of the Solana cryptocurrency SOL, which rose by 20%, outperforming the broader market, including Bitcoin, which rose by only 2%.
