Donald Trump’s official memecoin reignited new speculative activity in the Solana ecosystem almost overnight.
Several large-cap tokens based on Solana surged higher on Saturday, and the blockchain’s native SOL token hit new highs above $275 as the new US president backed a new TRUMP token based on Solana on Friday evening , calling it his “official” memecoin.
The choice of Solana as the issuance network has boosted demand and sentiment for SOL tokens, as CoinDesk reported on Saturday.
SOL trading volumes rose from $3 billion on Thursday to more than $26 billion in the past 24 hours, with Saturday’s moves pushing weekly gains to more than 46%.
This is a nearly 3,000% increase since the three-year low of $9 in December 2022 following the implosion of crypto exchange FTX and prominent backer Sam Bankman -Fried, who shook the feeling towards Solana at the time.
The official Trump memecoin was issued late Friday in the United States on the Solana blockchain by a team including ecosystem giants Jupiter and Meteora. Jupiter JUP token prices increased by 30% in the last 24 hours.
The launch of the token was coordinated by CIC Digital LLC – a subsidiary of the Trump Organization, and the new company Fight Fight Fight LLC, according to the BBC. The duo owns 80% of the tokens, subject to a vesting period of more than three years, and it is unclear how much money Trump could make from the venture.
TRUMP prices rose from pennies to $14 in less than six hours amid widespread confusion over whether the token was actually backed by Trump or if someone had hacked Trump’s account and issued a fake token .
It is trading above $44 on Sunday afternoon in Asia, grabbing listings on top exchanges Coinbase and Binance, as well as several futures products. It has become the third largest memecoin in terms of market capitalization behind dogecoin (DOGE) and shiba inu (SHIB), flipping pepecoin (PEPE).
