Trump's Memecoin Surge Drives Solana Stablecoin Boom

Solana's Stablecoin Supply Surges Amid Donald Trump's Memecoin Launch, Suggesting Shifts in Market Dynamics

Solana's stablecoin supply has surged by over 73% since mid-January, driven by a surge in network activity following the launch of President Donald Trump's memecoin, $TRUMP. According to a Jan. 30 report by research firm CCData, Solana's stablecoin supply stands at $11.1 billion, a 112% increase since Jan. 1. This increase coincided with a surge of capital inflows to the network following Trump's launch of his memecoin, which resulted in record decentralized exchange (DEX) trading activity.

Solana has surpassed Binance Chain to become the third-largest blockchain network by stablecoin supply, according to CCData. It still lags behind Ethereum and Tron. Circle's USD Coin (USDC) stablecoin dominates on Solana, comprising nearly 78% of stablecoin supply. Meanwhile, Tether (USDT) lags significantly, with approximately 12% of market share on Solana, CCData said.

Trump's advisory team launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network, ahead of Trump's presidential inauguration on Jan. 20. The memecoin launches brought significant trading volume to Solana, reportedly causing congestion on the network. Moonshot, the platform Trump pointed his followers to for purchasing the memecoin, reported more than 200,000 new onchain users since the token launched.

Trump's eponymous token briefly broke $80 billion in fully diluted value (FDV) within a day of launching. It later retraced and traded at an FDV of around $26 billion as of Jan. 30, according to data from CoinMarketCap.

Silicon Valley's interest in memecoins has surged following Trump's launch of his memecoin. Several more-mainstream tech players have either launched or endorsed memecoins, signaling a shift in market dynamics. Since Trump came to office, several more-mainstream tech players have either launched or endorsed memecoins, with some seeing major price drawdowns