The SOL token of Solana surged dramatically after a new Trump-themed memecoin, “Official Trump” (TRUMP), was launched on the Solana blockchain. This catapulted the price of SOL up more than 15%, touching $254.71 at one point on Saturday and having an even earlier rise of almost 23%. Its main rival, Ether, on the other hand, dropped 7%. Just weeks after the announcement of the memecoin on Trump’s social media, the price of Solana shot up.
Trump-themed memecoin starts well, secures over $5 billion in Solana blockchain
The new memecoin, Official Trump (TRUMP) started well in a short time securing more than $5 billion in the Solana blockchain, becoming the largest memecoin in the Solana blockchain. The timing of this surge is interesting, coming just ahead of President-elect Donald Trump’s inauguration, which is expected to bring renewed innovation and productivity to the cryptocurrency industry.
Moreover, the release of the meme coin coincided with the end of Gary Gensler’s term as chairman of the U.S. Securities and Exchange Commission, which may have contributed to the bullish sentiment surrounding crypto markets.
Solana reaches its all-time high point
Solana was founded in 2020, becoming the fourth-largest cryptocurrency market capitalization and excluding stablecoins. It initially was designed to be faster and cheaper than the Ethereum network but has since proliferated with memes such as Dogwifhat and Pudgy Penguins. It also finds itself hosting quite a few Decentralized finance and gaming initiatives.
This increased interest pushed the minds of asset managers into thinking about the potential possibility of ETFs that are linked to the price of Solana. Since deadlines loomed closer for the issuance of ETFs coming from firms that include Bitwise, VanEck, and 21Shares, there is an uptrend for the mainstream financial sector into Solana. The 85% rise in 2024 pushes Solana within 4% of its all-time high, setting it as a bright spot in the crypto arena.
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