Solana Records $2.5 Billion in Circulating USDC Supply

Azeez Mustapha
13 September 2021 | Updated: 13 September 2021

Solana (SOL) recorded a meteoric rise this year, mainly because of the NFT boom recorded in recent months. However, new developments show that an increase in USDC (USD Coin) circulating the network also plays a role in the price boom.

Recent data from the Solana explorer showed that the current account of circulating supply of USDC on the network is close to $2.5 billion.

Commenting on the topic, Co-Founder and CEO of Circle, the host company behind the dollar-pegged stablecoin, Jeremy Allaire, noted that the supply of USDC on Solana spiked from $1 billion to $2 billion in just a few days.

The executive also noted that the struggle to integrate USDC on the Solana network was part of the team’s plan to introduce “Multichain USDC, forming partnerships with [many] important chains.” Allaire added that they recognized Solana as one of the best platforms to push their objective because of “the scale, speed, and cost-efficiency the chain could bring to USDC.”

As mentioned earlier, the growing number of USDC on Solana’s network has had a significant impact on the blockchain and, by extension, the native token—SOL.

SOL currently trades up by over 2,000% on a year-to-date basis and recently peaked at $216.

Key Solana Levels to Watch — September 13

SOL has fallen back to the $150 area as the crypto market turns crimson on Monday. This momentum comes shortly after a prolonged sideways bias between $190 and $170 over the past few days, following a sharp rejection from the $216 all-time high last Thursday.

SOLUSD – 4-Hour Chart

That said, bulls need to sustain the price above the ascending trendline and the $146 support over the coming hours or days to prevent bears from strengthening their grip in the market.

Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $146, $130, and $120.

Total Market Capitalization: $2.04 trillion

Solana Market Capitalization: $46.9 billion

Solana Dominance: 2.3%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.