Source: X
The change has been gradual, with liquidity moving toward faster, cheaper networks.
One does wonder… if Solana [SOL] surpasses platforms like Coinbase, Bybit, and Bitget, where does real market activity live? Even Binance’s dominance has narrowed, so there’s a more fragmented market structure.
Liquidity follows speed
While Ethereum [ETH] still holds the largest share of Stablecoin Supply, there’s been a clear redistribution since early 2024. Solana’s Stablecoin Supply, once negligible, has climbed alongside its rise in on-chain trading volumes.
Tron [TRX] is also a major hub for stablecoins, but newer networks are beginning to close the gap.
Source: Artemis
Stablecoins are the fuel for Spot trading. As more of that capital settles on chains like Solana, there’s a loop of sorts (liquidity attracts volume, and volume keeps liquidity steady).
Price is moving too
After weeks of consolidation, SOL has pushed back above the $130 level. The move has helped regain the ground lost during the end-of-year pullback. With steady movement, many long-term plays are probably afoot.
Source: TradingView
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