Stablecoin Valuations Continue to Swell, MIM and MUSD Market Caps Increase by Triple-Digits in 30 Days
In mid-October, the market capitalization of all the stablecoins in existence was $134 billion and during the last three weeks, the valuation has increased by 5.59% to $141.5 billion. While terrausd’s market cap jumped by 6.7% over the last month, the stablecoin DAI saw an increase of 27.3% in 30 days. The largest stablecoin by market capitalization increased by 6% this month with a grand total of 73 billion tethers in circulation today. Stablecoin Capitalization Increases by 5.59% Over the Last Month — Makerdao’s Stablecoin Rises 27%
On October 13, 2021, the largest stablecoin market cap held by tether was $70.9 billion and it is now $73 billion. The stablecoin market USDC was $33.3 billion and today it’s $34.2 billion. While tether’s (USDT) market cap jumped last month by 6%, USDC’s increase was slightly less with a 5.8% increase in 30 days.
Out of the top five stablecoins in terms of overall valuation, the stablecoin DAI, issued by Makerdao, rose the most with a 27.3% jump last month. Terrausd, the stablecoin issued by the Terra network, increased 6.7% this past month and was the second-largest 30-day gainer. Mstableusd, Magic Internet Money See Triple-Digit Increases — TIME, KLIMA Rebase Tokens Rise
An outlier in the top stablecoins, positioned in the sixth spot is magic internet money (MIM) which saw a massive 30-day increase of 152.3%. The abracadabra.money issued MIM stablecoin has a market valuation of $2.5 billion and $112 million in 24-hour trade volume. At the time of writing, the AVAX-based decentralized exchange (dex) platform Trader Joe is the most active MIM exchange. While MIM increased by 152% last month, it’s the second-largest gainer as mstableusd (MUSD) rose by 379.4%.
MUSD now has a market valuation of $139.3 million and $2 million in global trade volume. While the top stablecoin market caps have increased, their sibling protocols — rebase tokens — have risen as well. The top rebase (reserve token) olympus (OHM), however, is down 25.5% during the last seven days. The second and third largest rebase tokens wonderland (TIME) and klima dao (KLIMA) have increased. TIME seven-day stats swelled by 38.5% and KLIMA’s weekly metrics rose 10.5%.
What do you think about the swelling stablecoin market valuation and the rise of rebase tokens? Let us know what you think about this subject in the comments section below. Coinbase Makes Shiba Inu Crypto Available to New York Residents After Adding SHIB Trading Pairs ALTCOINS | 23 hours ago Finder"s Experts Expect Solana to Surpass $1,100 by 2025, Over $5K by 2030 ALTCOINS | 2 days ago Tags in this story DAI, dollar-pegged tokens, KLIMA, Magic Internet Money, makerdao, MIM, MUSD, OHM, rebase tokens, Stablecoin, Stablecoin Caps, stablecoin circulation, Stablecoin markets, Stablecoins, Terra, TerraUSD, Tether, Time, trade volume, USDC, USDT
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