Solana Hits New All-Time High Amid TRUMP Memecoin Launch

Solana’s underlying token reached a new all-time high of $268.75 on Saturday, following the launch of Official Trump (TRUMP) memecoin, initiated by President-elect Donald Trump.

According to CoinMarketCap, Solana traded around $254 at the time of publication, marking a 17% increase based on The Block’s SOL price data.

The surge was driven by the debut of the TRUMP token, announced on Trump’s social media accounts. The token’s website indicates a supply of 200 million $TRUMP tokens at launch, increasing to one billion over three years. 80% of the token supply is allocated to “Creators and CIC Digital,” with 10% reserved for public distribution.

Currently, the Official Trump memecoin trades at about $27.84, boasting a fully diluted value of $28 billion, as per Solscan data. Eric Trump praised the project on X, stating, “I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth,” before promoting an associated project, World Liberty Financial. President-elect Trump later reposted this message.

With a market cap of $125 billion, Solana is the fifth-largest cryptocurrency. Over the past 24 hours, SOL experienced trading volumes of $23.2 billion with a circulating supply of 486.6 million out of a total supply of 592.4 million tokens.

Surge of Solana DEX Tokens

The $TRUMP memecoin launched in partnership with multiple Solana-based protocols, such as memecoin launchpad Moonshot, decentralized exchange Jupiter, and liquidity protocol Meteora. The token’s success boosted Moonshot into the top 10 apps on Apple’s U.S. App Store, processing $400 million in volume within the first 12 hours.

Notably, DEX tokens surged even as the overall crypto market faced declines. Jupiter increased by 33% to $1.094, while Raydium rose above 20% to $7.03.

Jupiter’s founder, known as Meow, reported that increased exchange traffic caused elevated error rates, stating, “Major system updates are rolling out soon to fix these issues…”

As the crypto landscape evolves, experts anticipate a potential spot Solana ETF approval by the end of 2025, contingent on the pro-crypto stance of the new administration. However, the SEC’s classification of Solana as a commodity or security will significantly influence the ETF approval process. According to The Block’s RT Watson and Sarah Wynn, “Deeming SOL a security could send the ETF application process sideways…”