Markets News Report
January 03, 2024

Solana Outperforms Ethereum in Stablecoin Volume and NFT Sales

In Brief

Solana recently outperformed Ethereum in stablecoin and NFT trade volumes, with stablecoin transfers worth $103N and NFT trades of $366.6M.

Solana Outperforms Ethereum in Stablecoin Volume and NFT Sales

Solana continues to captivate the crypto community, achieving notable milestones on its surging Layer 1 blockchain over the past week.

According to data from Artemis, stablecoin transfers worth $103 billion were recorded on Solana in the previous week, surpassing all other networks. This marks the first instance in which Solana has claimed the top position, outperforming Ethereum in stablecoin volume.

Ethereum secured the second spot with $90.9 billion, followed by Tron with $82.3 billion, and BNB Chain with $14.6 billion. 

Solana also surpassed Ethereum in NFT trade volume for December with the networks facilitating trades worth $366.6 million and $353.2 million, respectively. Ethereum’s NFT sales volume remained relatively stable in December compared to November’s nearly $350 million total, whereas Solana experienced a significant surge from around $83 million in the previous month.

Solana Overtakes Ethereum in NFT Trade Volume

In December, Solana witnessed approximately double the number of unique buyers and sellers, along with a considerably higher total of NFT transactions. CryptoSlam data indicates around 218,000 sellers and 279,000 buyers on Solana, engaging in nearly 6.6 million NFT transactions. In contrast, Ethereum recorded approximately 114,000 sellers and over 143,000 buyers, with around 698,000 transactions.

The heightened interest in Solana NFTs may be attributed to momentum surrounding specific projects. Notably, Tensorians, linked to the leading Solana marketplace Tensor, recorded $28 million in trades in December, while Mad Lads generated $24.5 million in trades.

According to CryptoSlam, the top Ethereum NFT project in December was the Bored Ape Yacht Club, with $19.5 million worth of NFT trades, followed by Pudgy Penguins with about $18.3 million worth of trades.

Solana’s Price Rise

Notably, Solana has experienced a substantial recent increase in its price performance. SOL has risen by over 71% in the past month and has quadrupled in value over the last three months. In contrast, Ethereum has observed a 9% increase in the last 30 days and a 44% uptick since three months ago.

While Solana’s price surge might contribute to the spike in the value of its NFT sales for December, it does not fully explain the threefold increase in unique traders and a sixfold rise in monthly NFT transactions.

Solana Outperforms Ethereum in Stablecoin Volume and NFT Sales

These figures mark the conclusion of a bullish 2023 for Solana. SOL’s network token witnessed an impressive surge of 936%, climbing from $9.97 on Jan. 1 to $103.3 on Dec. 31, as reported by CoinGecko.

The market momentum was fueled by the alleviation of concerns surrounding FTX, a significant SOL investor, potentially liquidating a substantial portion of its holdings throughout the year, coupled with the network’s growing adoption. However, SOL experienced a slight dip of over 4% in the past week after reaching a 2023 peak of $121.4 in late December.

Solana’s recent achievements in stablecoin and NFT transactions highlight its leading position over Ethereum, which could continue in 2024.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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