Trump’s Official Memecoin Surges 900%, Boosting Solana Ecosystem
Donald Trump’s official memecoin, TRUMP, soared to $44 early Sunday, marking an astonishing 900% increase in just 24 hours, sparking new speculative activity within the Solana ecosystem.
Several large-cap tokens based on the Solana blockchain surged on Saturday, with the network’s native SOL token reaching new highs above $275. This spike followed Trump’s endorsement of the Solana-based TRUMP token, which he dubbed his “official” memecoin. The choice of Solana as the platform for the token boosted both demand and sentiment for SOL tokens, as reported by CoinDesk.
Trading volumes for SOL surged dramatically, jumping from $3 billion on Thursday to over $26 billion in just 24 hours. This represents a weekly increase of more than 46%, a nearly 3,000% rise from December 2022 lows of $9, when Solana’s reputation was dented following the collapse of crypto exchange FTX and the scandal surrounding its founder, Sam Bankman-Fried.
The TRUMP token was launched late Friday on the Solana blockchain, backed by ecosystem heavyweights Jupiter and Meteora. In the past 24 hours, the price of Jupiter’s JUP tokens has risen by 30%.
The token’s release was orchestrated by CIC Digital LLC, an affiliate of the Trump Organization, and the newly-formed Fight Fight Fight LLC, according to BBC. These entities hold 80% of the tokens, subject to a three-year vesting period. It is unclear how much revenue Trump may generate from the project.
The TRUMP token experienced a dramatic rise in price, jumping from a few cents to $14 in less than six hours. There was initial confusion over whether the token was genuinely backed by Trump or if it was a hacked version issued fraudulently.
By Sunday afternoon, the token had surpassed $44 in value, with listings on major exchanges such as Coinbase and Binance, along with several futures products. TRUMP has now become the third-largest memecoin by market capitalization, surpassing pepecoin (PEPE) and sitting behind dogecoin (DOGE) and shiba inu (SHIB).
