Lucía Peña
Donald Trump’s “official” memecoin, launched on the Solana blockchain, has ignited a wave of speculative activity, driving significant gains across the Solana ecosystem almost overnight.
Following the memecoin’s launch late Friday, several large-cap tokens within the Solana network experienced notable price increases. Solana’s native token, SOL, surged to fresh highs, breaking past $275 as market sentiment soared. This dramatic rise was bolstered by Trump’s endorsement of the Solana-based TRUMP token as his official memecoin.
According to PRIME, the choice of Solana for the token’s issuance significantly lifted demand for SOL tokens. Trading volumes for SOL skyrocketed from $3 billion on Thursday to over $26 billion within 24 hours, marking a weekly gain exceeding 46%.
The resurgence of SOL comes after a challenging period. The token hit a three-year low of $9 in December 2022 following the collapse of crypto exchange FTX and its prominent backer, Sam Bankman-Fried. Since then, SOL has achieved a staggering recovery, with a nearly 3,000% increase in value, fueled by renewed confidence in the blockchain’s capabilities.
TRUMP Token: Rapid Ascent and Exchange Listings
The TRUMP token, issued on Solana by a team that includes ecosystem leaders Jupiter and Meteora, saw its price skyrocket from just a few cents to $14 within six hours of its launch. On Sunday afternoon in Asia, the token was trading above $44, securing listings on major exchanges such as Coinbase and Binance, along with several futures products.
The token’s launch was orchestrated by CIC Digital LLC, an affiliate of the Trump Organization, in collaboration with Fight Fight Fight LLC, a newly-formed company. Together, these entities hold 80% of the token supply, subject to a vesting schedule spanning over three years. The financial impact on Trump himself remains unclear.
Trump’s memecoin has quickly risen through the ranks, becoming the third-largest memecoin by market capitalization. It now trails only dogecoin (DOGE) and shiba inu (SHIB), overtaking pepecoin (PEPE) in the process.
The launch of the TRUMP token has brought renewed attention and trading activity to Solana. For instance, Jupiter’s JUP tokens experienced a 30% price increase in the past 24 hours, reflecting the broader ecosystem’s rally.
What’s Next for Solana and TRUMP Token?
The successful launch of the TRUMP memecoin demonstrates Solana’s continued resilience and relevance in the crypto space. As the token gains traction and listings on prominent exchanges, the ecosystem could attract further interest from both developers and investors.
This latest development highlights how strategic endorsements and high-profile launches can serve as catalysts for blockchain ecosystems, potentially marking a new era for Solana and its associated projects.
