With Official Trump Memecoin Jumping to $8B, Solana Hits a New All-Time High of $275.

Trump’s Official Memecoin Soars 900%, Fueling Solana’s Surge to New Highs

Donald Trump’s official memecoin experienced an extraordinary rally early Sunday, jumping to $44, a staggering 900% increase in just 24 hours. This surge has sparked renewed interest in the Solana blockchain, driving up the prices of various Solana-based tokens, including its native SOL token, which reached a new all-time high above $275.

Trump’s endorsement of the TRUMP token, branding it his “official” memecoin, has significantly boosted sentiment within the Solana ecosystem. As reported by CoinDesk, the decision to issue the token on Solana has increased demand for SOL, leading to a broader surge in the blockchain’s performance.

Solana’s Trading Volume Skyrockets

The release of the TRUMP token has led to a massive spike in Solana’s trading volumes, with transactions soaring from $3 billion on Thursday to over $26 billion in just 24 hours. This surge has resulted in weekly gains of more than 46%, a remarkable turnaround from Solana’s low of $9 in December 2022, which followed the collapse of FTX and the downfall of its founder, Sam Bankman-Fried.

The Launch of TRUMP Token

The TRUMP token debuted late Friday on the Solana blockchain, with backing from prominent ecosystem partners Jupiter and Meteora. As a result, JUP tokens, linked to the Jupiter network, saw a 30% increase in value within the past 24 hours.

The launch was orchestrated by CIC Digital LLC, a Trump Organization affiliate, and the newly-formed Fight Fight Fight LLC. These two entities control 80% of the token’s supply, subject to a vesting period of over three years. The financial gain for Trump from the venture remains unclear at this point.

Price Surge and Market Speculation

TRUMP’s price skyrocketed from mere cents to $14 in less than six hours, leading to widespread confusion over whether the token was genuinely endorsed by Trump or if it was a fraudulent token issued by hackers. By Sunday afternoon in Asia, TRUMP had surpassed $44, as it secured listings on major exchanges like Coinbase and Binance, along with several futures products.

With its rapid price increase, TRUMP has quickly become the third-largest memecoin by market capitalization, surpassing pepecoin (PEPE) and now trailing only dogecoin (DOGE) and shiba inu (SHIB).