Overview
The launch of Donald Trump’s official memecoin has spurred interest in Solana (SOL), resulting in a dramatic increase in both its price and trading volume. The project’s total dollar value locked (TVL) has exceeded $10 billion for the first time since the collapse of FTX.
Key Points
- Trump’s memecoin has propelled Solana’s market performance, aiding its total value locked to surpass $10 billion.
- This memecoin ranks as the third-largest within the cryptocurrency market by capitalization and spiked perceptions around a potential SOL ETF launch.
- The emergence of a cryptocurrency linked to a high-profile U.S. President indicates a shift toward a more open stance on crypto innovation in the United States.
Details
The official memecoin connected to incoming U.S. President Donald Trump has intensified interest in Solana, leading to a notable rise in its price and trading volume. Following the announcement, SOL’s price surged over 23%, marking a new all-time high. Reports indicate that the TVL on Solana is now approaching $12 billion, representing unprecedented interest in the network.
Representatives at DeFiLlama confirm this increase as SOL continues capturing market attention, which has not been seen since before the FTX crisis.
The memecoin’s launch is attributed to CIC Digital LLC, linked to Trump. Together with Fight Fight Fight LLC, they control 80% of the token’s available supply set for release over the upcoming three years.
This cryptocurrency has captured significant media attention and is expected to be listed on major exchanges like Binance and Coinbase soon. The project has already generated a trading blitz on Solana’s decentralized exchanges, solidifying its presence within the market.
Furthermore, traders are optimistic about the chances of a Solana ETF being launched in the near future, with increasing speculation surrounding its approval.
The launch of this memecoin symbolizes not just a resurgence for Solana, but it also suggests a shift in governmental attitudes towards the cryptocurrency landscape, offering newfound legitimacy in the industry.
