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According to a research report published by CCData, a subsidiary of CoinDesk, the supply of stablecoins on the Solana 
$170 network surged by 112% in January, reaching $11.1 billion. This growth reflects an increase in liquidity on the network and the overall expansion of the cryptocurrency market.
Trump Memecoin’s Impact
The report indicates that this increase coincided with the launch of Donald Trump’s memecoin, $TRUMP. Since its release on January 18, the stablecoin supply has risen by 73.6%. The entry of this memecoin has led to a significant influx of investment into the Solana network.
$TRUMP has generated record trading volumes on decentralized exchanges (DEX), contributing to Solana surpassing its previous record from 2022 and becoming the third-largest network behind Ethereum 
$0.00016 and Tron.
Ripple’s USD and XRP Value Gains
One beneficiary of this trend is Ripple’s USD, which became the fourth-largest stablecoin by trading volume on centralized exchanges in January. Ripple 
$0.004889 continues its legal battle with the U.S. Securities and Exchange Commission (SEC).
The “Trump effect” has helped Ripple’s local token, XRP, rise by 33% this month, surpassing $3.10. CEO Brad Garlinghouse noted an increase in U.S.-based agreements and employment.
Ripple’s ongoing struggle with the SEC significantly impacts its strategies and market performance. As XRP’s value increases, Ripple continues to seek new opportunities and growth prospects in the U.S. market.
These developments can be seen as indicators of the increasing stablecoin supply on the Solana network and the dynamic changes in the cryptocurrency market. The rising stablecoin supply provides more liquidity and variety for market participants, while losses in the dominant stablecoins’ market share intensify competition in the market.
