PYUSD sees dramatic 61% surge on Solana: Is ‘sleeper hit’ tag justified?

• PYUSD’s supply on Solana surged by 61%, but dipped 7% on Ethereum.
• Solana’s developer called PYUSD a “sleeper hit” as its market capitalization rose from $180 million to $533.5 million.

PayPal USD [PYUSD] has been making headlines in the crypto world. The token has seen a 61% surge on the Solana [SOL] blockchain, while dipping by 7% on Ethereum [ETH].

Inasmuch, analyst MartyParty tweeted that, 

“Over the past week, the supply of PYUSD on #Solana has surged by 61%, while its supply on #Ethereum has decreased by 7%.” 

This shift marked a significant change in the stablecoin landscape.

PYUSD transaction volumes skyrocket

The impact of this surge is clear.

The tweet continued,

“This growth has contributed to the overall increase in trading volume for the stablecoin, whose weekly transaction volumes have tripled and reached $500 million by the end of last month.”

This spike in activity indicated a growing adoption — investors were flocking to PayPal’s offering on Solana.

PYUSD’s market cap told a similar story of growth. MartyParty’s tweet continued,

“Update: Currently $PYUSD marketcap up from $180m to $533.5m.”

This significant surge put PYUSD in the spotlight. At press time, it ranked fourth among stablecoins on Solana by capitalization, with only USDT, USDC, and DAI standing ahead. 

Solana developer Paul Fidika took notice of these developments. MartyParty reported,

“This surge has prompted Solana developer Paul Fidika @PaulFidika to describe PYUSD as the ‘sleeper hit on Solana,’ bolstering the blockchain’s position as a viable financial alternative.”

Ripple effects in the crypto ecosystem

PYUSD’s success on Solana is not just about numbers. Instead, it is reshaping the crypto landscape. Traditional finance is watching as PayPal’s move is closely attracting crypto market attention.

This could pave the way for more mainstream adoption, as it also puts pressure on other stablecoin issuers for innovations.

As the dust settles, all eyes are on PYUSD and Solana. This partnership could redefine what is possible in the world of stablecoins. For now, it is a wake-up call to the entire crypto industry. 

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According to the same analyst, there is a surge in the Solana accumulations in large orders across coinbase, Binance [BNB], Gate, and OKX.

He stated that the automated orders amounted to around $6.56 billion in long positions. This is a positive sentiment for Solana’s rally.

Source: X