Coinspeaker
DAI Hit Record $240B in On-chain Transaction Volume Last Week
Stablecoins recorded significant traction last week as losses and volatility compounded in the crypto market. But MakerDAO’s DAI stablecoin benefited the most during last week’s bloodbath.
According to data from the on-chain intelligent platform IntoTheBlock, DAI hit a record $240B in on-chain transaction volume. This record weekly high eclipsed the rest of the stablecoins combined.
$DAI saw $240B in on-chain transaction volume last week.
Not only is this a new weekly high for $DAI, it’s also more than all other stablecoins combined! pic.twitter.com/pgm3pv7M5M
— IntoTheBlock (@intotheblock) April 23, 2024
Typically, a surge in stablecoin volume or supply held by addresses can signal a flight from volatility since stablecoins can offer “stability” compared to other cryptocurrencies.
It could also mean a surge in buying pressure as investors and traders send money to exchanges to buy the di
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