According to the latest Google Search Traffic Report, Solana ranks first among Ethereum by stablecoin trading volume.
Solana-based USDC is now the most traded stablecoin. Stablecoins have registered a whopping $103 billion worth of transfers on Solana. A prominent Web3 influencer named Degen News noted that this is the first time Solana has surpassed Ethereum in terms of stablecoin trading volume.
According to the report, Ethereum followed Solana with $90.9 billion, while Tron came in third with $82.3 billion. BNB Chain ranked fourth with $14.6 billion.
Qiao Wang, a former Messari researcher, also said that Solana-based USDC has surpassed Tron-based USDT to become the most traded stablecoin by trading volume.
Solana finished the year on a high note, with the network surpassing Ethereum in terms of NFT trading volume. Solana traded $366.6 million, while Ethereum recorded $353.2 million.
However, this data published by Degen News contradicted CryptoSlam, which showed that Solana had amassed $329.3 million from NFT sales. This is 5% lower than Ethereum’s $345 million in NFT transactions in December 2023.
Solana appears to be on the rise, regardless of the exact numbers. The coin has gained 69.42% in value over the past month and is currently trading at $108.55. According to experts Solana ForecastThe coin is expected to reach $120 by 2025.
A quick look at Solana’s performance in 2023 shows how well the coin has performed. SOL started 2023 at $9.97 and ended 2023 at $103.3. Market momentum has helped the coin, but it has also received a huge boost from ongoing upgrades and collaborations.
Now that Solana is finally starting to get up to speed, expect Network and SOL to outperform their league-specific competition by 2024.