According to the latest Google Search Traffic report, Solana has topped Ethereum based on stablecoin volume.
Solana-based USDC has now become the most transacted stablecoin. The stablecoin registered a whopping $103 billion worth of transfers on Solana. A popular Web3 influencer named Degen News noted that it was the first time Solana had outperformed Ethereum in terms of stablecoin volume.
As per the report, Ethereum followed Solana with $90.9 billion, with Tron coming in third with $82.3 billion. BNB Chain was fourth on the list with $14.6 billion.
Qiao Wang, a former Messari researcher, also stated that Solana-based USDC has overtaken Tron-based USDT to become the most transacted stablecoin in terms of volume alone.
Solana concluded the year on a high note, as the network surpassed Ethereum in terms of NFT trade volume. While Solana had $366.6 million in trades, Ethereum had $353.2 million.
However, this data posted by Degen News was contradicted by CryptoSlam, which showed Solana accumulating $329.3 million in NFT sales. This was 5% below Ethereum’s $345 million in NFT trades in December 2023.
Solana seems to be riding a bullish wave regardless of the exact numbers. The coin has earned 69.42% value in the past month and is currently trading at $108.55. According to the experts’ Solana forecast, the coin is expected to hit $120 by 2025.
A quick look at Solana’s performance in 2023 proves how well the coin has been doing. SOL started 2023 at $9.97 and ended the year at $103.3. Market momentum helped the coin, but a big chunk of the boost came from its constant upgrades and collaborations.
Now that Solana is finally picking up pace, the network and SOL are expected to outperform the competition by leagues in 2024.