Top-performing XRP (XRP) and Ethereum’s ETH posted profits early Saturday as an ‘official’ Donald Trump-themed memecoin attracted $3 billion in its first hours after issuance on the Solana network, boosting demand for SOL tokens.
Price action for Bitcoin (BTC) and most majors, such as dogecoin (DOGE) and BNB Chain’s BNB, remained muted as the TRUMP token changed sentiment for XRP and ETH . Traders perceived memecoin Trump’s choice to issue the token on Solana as bearish for Ethereum.
An “official” Trump-related memecoin was issued in the early hours of Saturday in Asia from his verified X and Truth Social accounts. Prices rose from pennies to $14 in less than six hours amid widespread confusion over whether the token was backed by Trump, as reported.
Some fund managers view the move as bullish for memecoins: “The new president just gave everyone the license to launch a memecoin – $SOL gets the message, buckle up,” wrote Placeholder partner Chris Burniske VC, on X.
Elsewhere, XRP fell as much as 5%, cutting gains by 40% over the past 7 days. Demand for linked to New York-based Ripple Labs).
XRP broke the $3 mark for the first time since 2018 on Friday ahead of Trump’s inauguration on January 20. The speculative move follows unconfirmed reports that Trump was open to a “US-first strategic stockpile that would prioritize US-founded digital coins.” , like Solana, USD Coin and Ripple.
Discussions about any strategic reserves have so far only included plans to hold bitcoin.
Ripple CEO Brad Garlinghouse had at least one meeting with the president-elect in early January, contradicting speculation that Ripple could potentially have a direct channel to influence the new administration, thus sparking increased interest in XRP.
