- $250 million USDC was minted on the Solana network.
- The price of SOL continued to grow as sentiment surged.
In recent days, the Solana [SOL] network has witnessed the minting of significant amounts of USD Coin [USDC].
Specifically, within the last few days, a total of $250 million worth of USDC was minted on the Solana network by Circle.
Source: X
Stablecoins needed
The minting of $250 million USDC on the Solana blockchain is poised to have a notable impact on the ecosystem.
Circle’s decision to issue a substantial amount of USDC on Solana contributes significantly to the liquidity pool within the network.
This increased liquidity is essential for the efficiency and functionality of various decentralized finance (DeFi) applications and decentralized exchanges operating on Solana.
The further integration of USDC into the Solana ecosystem may attract a broader user base, facilitating easier onboarding for both new retail participants and institutional players.
As a result, the dynamics of trading pairs, particularly SOL/USDC, on decentralized exchanges may experience shifts, influencing market behavior.
The surge in decentralized exchange (DEX) volumes on the Solana network, fueled in part by the presence of meme coins, stands to benefit considerably from the recent influx of USDC.
At press time, the daily DEX volumes on the network had surpassed the $2.5 billion mark. The TVL had also grown during this period, having surpassed the $3 billion mark at press time.
Source: Artemis
The rising price of SOL
In terms of price, SOL was trading at $148.96 and its price had appreciated by 0.47% in the last 24 hours and had consistently grown over the last month.
The Social Volume around the Solana network had remained consistent over the last month, while the Weighted Sentiment surged.
This meant that positive comments around SOL had outnumbered the negative ones significantly. The rise in positive sentiment around SOL can also help the price movement of the token in the future.
How much are 1,10,100 SOLs worth today?
There has also been a notable surge in development activity on the Solana network during this period.
The increased engagement in building and enhancing projects on the blockchain further underscores the platform’s robust ecosystem and may contribute to SOL’s positive trajectory.
Source: Santiment