Title: “Trump’s Endorsement Sparks Activity in Solana Ecosystem and Memecoin Market”
An unexpected flurry of speculative activity has been observed in the Solana ecosystem, following the endorsement of an official memecoin by Donald Trump. This rapid development has given a significant boost to various large-cap tokens based on Solana. The blockchain’s native SOL token soared to record levels above $275 as the soon-to-be U.S. President endorsed a new Solana-based TRUMP token, branding it as his “official” memecoin.
The selection of Solana as the network of issue for the new memecoin has stimulated heightened demand for SOL tokens, as per a recent report from CoinDesk. The trading volumes for SOL have experienced a substantial increase, skyrocketing from Thursday’s $3 billion to a staggering $26 billion in just 24 hours. This surge has contributed to a weekly gain of over 46%.
This represents an almost 3,000% surge since hitting a three-year low of $9 in December 2022. This followed the collapse of the crypto exchange FTX and its notable supporter Sam Bankman-Fried, events which negatively impacted the sentiment surrounding Solana at the time.
The official TRUMP memecoin was released on the Solana blockchain by a group that included major players in the ecosystem, Jupiter and Meteora. Jupiter’s JUP tokens have seen a 30% rise in the last 24 hours. The token’s release was facilitated by CIC Digital LLC, an affiliate of the Trump Organization, and the newly-established Fight Fight Fight LLC. As per the BBC, these two entities hold 80% of the tokens, which are subject to a vesting period of over three years. It remains uncertain how much financial gain Trump stands to make from this venture.
In less than six hours, the price of the TRUMP token shot up from mere cents to $14, amidst widespread uncertainty about whether the token was genuinely endorsed by Trump or if it was the result of a fraudulent act on Trump’s account.
Currently, the token is trading above $44 and has been listed on major exchanges such as Coinbase and Binance. Furthermore, it’s being offered as several futures products. The token has now become the third-largest memecoin in terms of market capitalization, trailing only behind Dogecoin (DOGE) and Shiba Inu (SHIB), while surpassing Pepecoin (PEPE).
