Key Insights:

• The launch of a Trump-themed memecoin on Solana attracted $3 billion, significantly affecting XRP and ETH while boosting SOL.
• The price of the new memecoin surged from a few cents to $14 shortly after its release.

Market Impact:

The top performing XRP and Ethereum (ETH) experienced profit taking as the Trump memecoin drew massive interest for SOL tokens. Conversely, Bitcoin (BTC) and other major cryptocurrencies, like Dogecoin (DOGE) and Binance Coin (BNB), saw muted price action due to the new token’s influence.

An unofficial memecoin linked to Trump was issued from his social media profiles on early Saturday, leading to significant market fluctuations. Traders are viewing the launch, especially on Solana, as a potential downside for Ethereum.

Some analysts consider this a bullish signal for memecoins, with Placeholder VC partner Chris Burniske tweeting:

"The incoming President just gave everyone license to launch a memecoin - $SOL is getting the message, buckle up."

As XRP faced a downturn of as much as 5%, the previous week's 40% gains began to decrease. Interest in XRP has risen since Trump’s election win, boosting sentiments for U.S.-based tokens due to potential pro-cryptocurrency policies.

Ripple CEO Brad Garlinghouse's Engagement:

There are speculations surrounding a meeting between Brad Garlinghouse, the CEO of Ripple, and the President-elect earlier in January, stirring interest in XRP as a potential beneficiary of the new administration's policies.