What to know:
- Donald Trump’s official memecoin has jumpstarted fresh speculative activity in the Solana ecosystem nearly overnight.
- The choice of Solana as an issuance network bumped demand and sentiment for SOL tokens, as CoinDesk reported Saturday.
In simple terms, the launch of Donald Trump’s official meme coin has sparked a wave of speculative interest almost instantly within the Solana blockchain system.
On Saturday, several major tokens built on the Solana platform saw an increase, while the native SOL token reached record highs exceeding $275. This surge came following the U.S. president-elect’s endorsement of a new TRUMP token associated with Solana on Friday night, which he referred to as his “official” memecoin.
On Saturday, CoinDesk reported that the decision to use Solana as a token issuance network boosted interest and optimism towards SOL tokens.
In just the last 24 hours, SOL’s trading volume has skyrocketed from $3 billion on Thursday to more than $26 billion, resulting in a staggering 46% increase in weekly returns.
Since hitting an all-time low of $9 in December 2022 after the collapse of crypto exchange FTX and the negative impact on Solana from its main supporter, Sam Bankman-Fried, there has been a staggering 3,000% increase in the price of Solana.
Trump’s official meme coin, launched late on Friday in the United States, was issued on the Solana blockchain by a team that includes heavyweights such as Jupiter and Meteora. In the last 24 hours, the value of Jupiter’s JUP tokens has increased by 30%.
Check out my latest Official Trump Memorabilia! It’s the perfect time to revel in our shared values: Victory! Join my exclusive Trump Circle. Secure your $TRUMP tokens today. Visit this link for some enjoyable fun!
— Donald J. Trump (@realDonaldTrump) January 18, 2025
According to BBC reports, the token launch was orchestrated by CIC Digital LLC, a subsidiary of the Trump Organization, along with a newly established company named Fight Fight Fight LLC. These two entities collectively own 80% of the tokens, with a vesting period exceeding three years. However, it remains uncertain how much profit Donald Trump could potentially earn from this venture.
Trump’s token values skyrocketed from just pennies to $14 within a mere six-hour span, leaving many bewildered as it remained unclear whether this token was genuinely endorsed by Trump himself or if an individual had managed to gain access to Trump’s account and fraudulently issue the token.
🔥LATEST UPDATE: The meme coin associated with former President Donald Trump, $TRUMP, has overtaken $PEPE to secure the third-largest position in the meme coin market capitalization.
— SolanaFloor (@SolanaFloor) January 19, 2025
During Asian afternoon hours on Sunday, it surpassed the $44 mark, appearing on major platforms like Coinbase and Binance, as well as various futures contracts. Currently, it ranks as the third-largest meme coin by market capitalization, overtaking pepecoin (PEPE), with dogecoin (DOGE) and shiba inu (SHIB) holding the top spots.
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2025-01-19 12:01