Solana, once hailed as an “Ethereum killer,” has achieved a groundbreaking feat by surpassing Ethereum in stablecoin transaction volume over a seven-day period, reaching an impressive $100 billion milestone. According to Artemix.xyz, Solana flipped crypto’s largest altcoin blockchain by a significant margin, with a difference of over $13 billion in volume.
This achievement for Solana (SOL) comes amidst a flurry of activities on its blockchain, ranging from inscription crazes to memecoin mania, with traders witnessing substantial gains, turning small investments into six-figure hauls. Notably, airdrops like Jito attracted a substantial influx of users to Solana’s blockchain.
The heightened interest in Solana directly impacted SOL’s value, propelling it to levels unseen since the collapse of Terra in 2022. The digital asset experienced a staggering 1,000% surge in the past year, trading above $110 at the time of this report.
Alongside this surge in interest and price appreciation, on-chain trading on Solana witnessed a surge, recording over $28 billion in volume on decentralized exchanges (DEX) during December alone, as reported by crypto.news. Solana also set new records for monthly active addresses, propelling SOL’s market capitalization beyond $50 billion.
This surge propelled SOL to overtake Ripple’s XRP token, securing its position as the fifth-largest cryptocurrency in the market. At the time of this report, Solana was in close pursuit of Binance’s BNB coin and boasted substantial 24-hour trading volume per Coingecko.
Looking ahead, upcoming token airdrops suggest more rewards for SOL participants. The imminent launch of Jupiter, a rising decentralized exchange (DEX) on Solana, is slated to introduce its native digital currency in January, signaling further developments within the Solana ecosystem.
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