A surge in USDC transfer volume was observed by the Solana blockchain in its network. The volume of DEX trading has increased in tandem with the price rally of SOL. Given these changes in the ecosystem, the Solana price rally is probably going to continue.
In November, Solana metrics reached new heights.
The number of USDC stablecoin transfers on Solana surged to $71 million in November. The chart below shows that the Ethereum alternative token has reached a 6-month peak at this point. At the same time that Solana reached this milestone, the altcoin’s DEX trading volume peaked.
In November, USDC’s total peer-to-peer transfer volume reached a 2023 high.
DEX trading volume increased in October and reached a new high in November, according to data from DeFiLlama. Market participants noticed an increase in trading activity on Solana-based DEXes, and holders saw gains from the SOL price. The recent gains of the altcoin have been attributed to the burgeoning activity within the SOL ecosystem.
These changes probably indicate that investors are returning to the Solana ecosystem in an effort to maintain the altcoin’s recent gains. The price of SOL produced gains for holders of 77.70% over the last month.
The CEO and co-founder of Circle, the company that created the stablecoin USDC, Jeremy Allaire, offered some insight on Solana’s surge in USDC transfers in November. Allaire expressed his encouragement for the development of an ecosystem supporting USDC on Solana.
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