Trump’s Official Memecoin Skyrockets 900%, Propelling Solana to New Highs
Donald Trump’s official memecoin saw a massive surge early Sunday, climbing to $44, a remarkable 900% increase in just 24 hours. This surge has injected fresh life into the Solana ecosystem, driving several Solana-based tokens, including SOL, to new all-time highs above $275.
Trump’s endorsement of the TRUMP token as his “official” memecoin has significantly boosted demand for Solana, as the blockchain becomes the platform for the token’s issuance. According to CoinDesk, this move has greatly improved market sentiment surrounding Solana, with SOL experiencing a sharp price increase.
Solana Experiences Explosive Growth
The launch of the TRUMP token has led to an explosive increase in Solana’s trading volumes, which jumped from $3 billion on Thursday to over $26 billion in just 24 hours. SOL’s price surged by more than 46% over the past week, rebounding significantly from its $9 low in December 2022, following the collapse of FTX and the fall of Sam Bankman-Fried, which initially dented Solana’s market position.
TRUMP Token Launch Details
The TRUMP token was officially launched late Friday on the Solana blockchain, backed by ecosystem leaders Jupiter and Meteora. Following the launch, JUP tokens saw a 30% increase in value, reflecting the broader impact of the TRUMP token on the Solana ecosystem.
The token’s issuance was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, alongside the newly established Fight Fight Fight LLC. These two companies control 80% of the token supply, which will be subject to a vesting period of over three years. The extent of Trump’s personal financial involvement in the venture is still unknown.
Volatile Price Movements and Market Confusion
The TRUMP token’s price surged from mere cents to $14 within just six hours, creating confusion in the market about whether the token was truly supported by Trump or if it was a fraudulent issue by hackers. By Sunday afternoon in Asia, the token’s price had stabilized above $44, following listings on major exchanges like Coinbase and Binance, as well as several futures products.
This meteoric rise has propelled TRUMP to become the third-largest memecoin by market capitalization, surpassing pepecoin (PEPE) and now trailing only dogecoin (DOGE) and shiba inu (SHIB).
