Key Highlights:
- Donald Trump's official memecoin has sparked renewed speculative activity within the Solana ecosystem.
- Solana was chosen as the issuance network for the new TRUMP token, significantly increasing demand and sentiment for SOL tokens.
On January 19, 2025, Donald Trump's memecoin, which launched late Friday night, surged unexpectedly, pushing Solana's SOL token to historic levels above $275. The support from the incoming U.S. president who endorsed the token as his 'official' memecoin intensified trading activity.
Trading volumes for SOL skyrocketed from $3 billion to over $26 billion within 24 hours, marking a staggering increase of over 46% for the week.
This marks a nearly 3,000% recovery from the lows experienced in December 2022 after the collapse of major crypto exchange FTX.
Trump's memecoin issuance was coordinated by CIC Digital LLC, associated with the Trump Organization. Initial trading showed dramatic price increases that left traders uncertain of its authenticity. The TRUMP token quickly rose to $14 in less than six hours amidst speculations on its backing.
Trump's Offical Memecoin
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.” — Donald J. Trump (@realDonaldTrump)
This token has now become the third-largest memecoin by market capitalization, following dogecoin and shiba inu, and has garnered listings on major exchanges like Coinbase and Binance.
