#Solana Outperforming #Ethereum In This Metric
Solana has struggled to reach $200 in recent market dynamics. Recent allegations of the estate of insolvent cryptocurrency exchange FTX selling $7.65 billion of Solana at a 68% discount to its market price are gloomy.
On-chain evidence shows SOL is still robust, especially in stablecoins. Solana stablecoin transfers show that the blockchain daily processes more transactions than Ethereum, $411.2 billion greater in trading volume last week.
Highlights from OnChain Data Growing Solana Stablecoin Use
Solana stablecoin use is rising, according to Artemis, a crypto on-chain analytics tool. On-chain data shows that stablecoin trade activity on the blockchain surpassed Ethereum's for most of March, especially beginning on March 9. Artemis said on social media that trade volume inequality increased last week.
Solana had $97.5 billion in stablecoin trading volume yesterday, March 30, compared to $9.3 billion on Ethereum. On March 28, the altcoin traded $112.9 billion, $95.3 billion more than Ethereum's $17.6 billion. Thus, Solana accounts for approximately 80% of stablecoin trading activity.
Artemis attributes most of the traffic to MEV bots and Phoenix, a decentralized crypto exchange. Programmable MEV (maximum extractable value) bots analyze blockchain networks for profitable transactions and automatically execute them. These bots have been active on the Solana blockchain, looking for profit arbitrage possibilities.
$SOL To 200?
Price spikes and on-chain data show Solana ecosystem growth. SOL, Solana's native cryptocurrency, rose significantly in the previous week to reverse last week's decline.
SOL is trading at $195, up 13% in seven days and as high as $198. Solana reached $208 on March 18. Bullish enthusiasm didn't keep price appreciation continuing, as it plummeted to $167 on March 20.
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Fundamentals indicate a hurdle before $200 again. The bottleneck is 41 million SOL tokens from FTX's estate being released.
