Official Trump Memecoin Drives Solana to a $275 Lifetime High, Reaching $8B.

Trump’s Official Memecoin Soars Over 900%, Drives Solana’s SOL Token to New Heights

Donald Trump’s official memecoin saw a dramatic surge early Sunday, jumping to $44, marking an increase of more than 900% in just 24 hours. This meteoric rise has injected new energy into the Solana blockchain, causing several large-cap tokens within the ecosystem to rally.

The blockchain’s native token, SOL, reached new all-time highs above $275, fueled by the endorsement of Trump’s new TRUMP token—his official memecoin. Trump’s decision to issue the token on Solana has driven demand for SOL, boosting market sentiment across the network, as CoinDesk reported on Saturday.

Solana’s Surge in Activity

The surge in the TRUMP token has triggered an explosive increase in Solana’s trading volumes, with daily trading skyrocketing from $3 billion on Thursday to more than $26 billion within 24 hours. This impressive growth has led to a 46% weekly gain, marking an almost 3,000% increase from Solana’s recent low of $9 in December 2022, following the collapse of FTX and the fall of Sam Bankman-Fried, which previously dampened confidence in Solana.

TRUMP Token’s Release

The official TRUMP token launched late on Friday, issued on the Solana blockchain by key ecosystem players Jupiter and Meteora. Following the launch, JUP tokens from the Jupiter ecosystem have risen by 30% over the past 24 hours.

The token’s creation was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, and the newly established company Fight Fight Fight LLC. Together, they control 80% of the token supply, which is locked with a vesting period of over three years. It remains unclear how much revenue Trump himself might earn from the project.

Price Volatility and Market Confusion

TRUMP’s price surged from a few cents to $14 in less than six hours, sparking widespread confusion over whether the token was legitimately backed by Trump or if it was a fraudulent version issued by a hacker. By Sunday afternoon in Asia, the TRUMP token had surpassed $44 and was listed on major exchanges like Coinbase and Binance, along with several futures products.

As a result of this rapid rise, TRUMP has quickly become the third-largest memecoin by market capitalization, surpassing pepecoin (PEPE) and now trailing only dogecoin (DOGE) and shiba inu (SHIB).