The Solana blockchain has kicked off the new year with a bang, witnessing over $1 billion in stablecoin inflows during December alone.
This surge is largely attributed to the increased popularity of stablecoins, particularly in the aftermath of Donald Trump’s presidential win in November, which has spurred a crypto-friendly environment.
SOL Token Recovery
Solana’s native token, $SOL, has also seen a notable recovery, climbing from a low of $182 to a current price of $206, reflecting a robust resurgence in the blockchain’s market sentiment.
This positive momentum has been especially pronounced in the meme coin sector, where Solana is considered a leading platform.
Solaxy’s Successful Funding Round
In related news, Solaxy, the first Layer-2 project for Solana, has successfully raised $7 million in its presale.
This achievement was highlighted by a significant investment from a whale who bought $152K worth of $SOLX tokens.
Solaxy aims to address Solana’s scalability issues by providing a more efficient transaction processing method, potentially acting as a catalyst for further growth in Solana’s ecosystem.
Stablecoin Market Growth
From December 1, 2024, to January 1, 2025, Solana’s stablecoin market saw a 12.6% increase, growing from $4.6 billion to $5.18 billion.
The USDC stablecoin dominates with a 74.07% market share, having seen its market cap rise from $3.33 billion to $3.83 billion, showcasing an inflow of $962 million.
Annual Stablecoin Market Expansion
Over the year, Solana’s stablecoin market cap has shown impressive growth, increasing by 184% from $1.83 billion in January 2023 to $5.21 billion by January 2024.
This growth aligns with broader market trends favoring Solana, particularly with Trump’s pro-crypto policies and endorsements from influential figures like Elon Musk.
Solana’s Meme Coin Market Thrives
The meme coin market on Solana has also been thriving, with the total market cap reaching $21 billion.
Notable performers include $AI16Z, which has seen a 177% increase in value over the last week, and a 54% surge in 24-hour trading volume.
This has contributed to a daily increase of 15.5% in Solana’s meme market cap, now at $21.5B, with $5.3B in trading volume.
Solaxy: A Closer Look
Solaxy ($SOLX) stands out with its promise of a customizable and efficient Layer-2 solution. It offers developers the ability to tailor decentralized applications (dApps) for specific use cases on one of the fastest blockchain networks.
With a current price of $0.001588 and staking rewards offering an APY of 471%, Solaxy has attracted significant investor interest, with $2.4 billion in tokens already staked.
Future Outlook
Looking ahead, both Solana and Solaxy are positioned for potential significant growth, though the volatile nature of the crypto market warrants caution.
Investors are encouraged to perform their own research before diving into these opportunities.
Read more stablecoin news
