- Solana USDC transfers hit $71 billion in November, marking a six month peak for the Ethereum alternative token.
- DEX trading volume in the SOL ecosystem hit a record high, signaling investors are likely re-entering the Solana network.
- SOL price rallied 78% in the past thirty days, yielding massive gains for holders.
Solana blockchain noted a spike in USDC transfer volume in its network. Alongside SOL price rally, there is an increase in DEX trading volume. Solana price rally is likely to continue with these developments in the ecosystem.
Also read: Cosmos community passes proposal to slash ATOM inflation, seeks long-term profitability
Solana metrics hit new highs in November
Stablecoin USDC transfer volume on Solana climbed to $71 million in November. This marks a 6-month peak for the Ethereum alternative token, as seen in the chart below. Solana hit this milestone while the trading volume for the altcoin on DEXes hit a peak.
USDC transfer on Solana
The cumulative peer-to-peer transfer volume of USDC hit a 2023 high in November.
Cumulative peer-to-peer transfer volume USDC
Based on data from DeFiLlama, DEX trading volume climbed in October and hit a new high in November. Market participants engaged in higher trading activity on Solana based DEXes, while SOL price yielded gains for holders. The rising activity in the SOL ecosystem has contributed to the altcoin’s recent gains.
Solana DEX trade volume
These developments are likely signs of investors entering the Solana ecosystem again, to help sustain the altcoin’s recent gains. In the past month, SOL price yielded 77.70% gains for holders.
Jeremy Allaire, the co-founder and CEO of Circle, the firm behind the stablecoin USDC, commented on Solana’s rise in USDC transfers in November. Allaire noted that it is encouraging to see an ecosystem develop for USDC on Solana.
Really encouraging to see such a strong ecosystem growing for USDC on Solana. ~850B annual run-rate in Tx volume. https://t.co/rTQhn6fvQF
— Jeremy Allaire (@jerallaire) November 25, 2023
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.