The “official” memecoin of incoming U.S. President Donald Trump has boosted curiosity in Solana (SOL), resulting in a surge in each its value and buying and selling quantity, which in flip helped the entire greenback worth locked (TVL) on the community high $10 billion for the primary time because the collapse of FTX.
Donald Trump’s alternative of issuing the memecoin on Solana helped SOL rise greater than 23% since its announcement, shifting the cryptocurrency’s value to a brand new all-time excessive and boosting the greenback worth locked on its good contracts. Knowledge from DeFiLlama exhibits TVL on Solana is now at $12 billion, a brand new all-time excessive.
Measured in SOL, the worth locked on the community has been steadily rising because the starting of final yr and lately topped 45 million SOL. This degree hasn’t been seen since August 2022, forward of the collapse of FTX, whose co-founder Sam Bankman-Fried was a significant Solana proponent.
The launch of Donald Trump’s official memecoin, $TRUMP, was co-ordinated by CIC Digital LLC, a Trump-affiliated group, the BBC reported. Along with Struggle Struggle Struggle LLC, they personal 80% of the memecoin’s provide set to be launched over the following three years.
The memecoin, which has been dominating headlines within the area and is ready to be listed on main cryptocurrency exchanges together with Binance and Coinbase, is at present the third-largest throughout all blockchains behind Shiba Inu and Dogecoin when it comes to market capitalization.
The token was launched by a crew together with Solana ecosystem protocols Jupiter and Meteora and led to a buying and selling frenzy on the community’s decentralized exchanges, with DeFiLlama displaying Raydium surpassed Tether in 24-hour price technology.
Moonshot, the memecoin buying and selling platform featured on the memecoin’s web site posted on social media by President-elect Donald Trump, reported a 12-hour buying and selling quantity of almost $400 million after the memecoin launched, including it onboarded over 200,000 customers onto the community within the course of.
https://x.com/moonshot/standing/1880659326395666759
The community alternative additionally helped increase the perceived odds of a spot Solana exchange-traded fund (ETF) being launched within the first half of the yr. Polymarket merchants went from weighing a 43% likelihood such a product can be launched by July 31, to 61%.
The buying and selling frenzy got here throughout the weekend, when buying and selling volumes are sometimes muted as many institutional buyers {and professional} merchants are much less lively. Which means that speculative exercise on the community may nicely proceed throughout the week.
Past that, the memecoin’s launch is bringing Solana an inflow of latest customers and presents the community, which has suffered a number of main outages, with a possibility to showcase its robustness. If it withstands the check, the Solana ecosystem may carry on seeing important inflows.
The introduction of Trump’s token additionally alerts the U.S. authorities’s change in stance towards the cryptocurrency sector and provides it elevated legitimacy, because the President of the world’s largest financial system has fairly actually launched a Solana-based memecoin.
The memecoin’s rollout alerts a “change in US fintech coverage in direction of way more permissive innovation,” crypto OG and Shapeshifter founder Erik Voorhees commented.
