With excitement building as President-elect Donald Trump prepares to deliver his inaugural address on January 20, the cryptocurrency world is buzzing, especially with Solana (SOL) making headlines after reaching a new all-time high of more than $270 over the weekend.
Solana’s Impressive Rise and TVL Milestone
In just 24 hours, Solana made an eye-catching leap of over 25%, peaking at $270.21 before settling to its current trading price around $252. This price surge isn’t happening in a vacuum—Solana’s Total Value Locked (TVL) has also hit unprecedented heights. According to DeFiLlama, Solana’s TVL soared to $10.33 billion, surpassing its previous peak of $10.027 billion recorded in November 2021.
What’s driving this trend? A major catalyst seems to be the launch of a new memecoin named ‘Official Trump (TRUMP),’ which was announced by Trump himself on Truth Social late on Friday. Created to celebrate his electoral victory and impending inauguration, the TRUMP coin experienced a massive leap, climbing over 300% to just under $29, with a market cap reaching a remarkable $5.81 billion.
Impact of the TRUMP Memecoin on Solana
The TRUMP memecoin was developed on the Solana blockchain and initially released with 200 million coins. The supply is set to gradually increase to a total of 1 billion coins over the next three years. A notable aspect is that 80% of these tokens, still unreleased, are controlled by Trump Organization’s affiliate, CIC Digital LLC, alongside Fight Fight Fight LLC, a Delaware-based firm established shortly after the election.
Beyond the buzz of the TRUMP token, other positive factors are also fueling Solana’s upward trajectory. Investors are particularly enthusiastic about the expected launch of Solana spot exchange-traded funds (ETFs) and its designation as part of the US strategic reserve assets.
Featured image credit goes to DALL-E, with chart insights provided by TradingView.com.
