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.
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, Khareem Sudlow