The $TRUMP memecoin, announced late Friday on Trump’s X and Truth Social accounts, boasts a market cap exceeding $5 billion, making it the largest meme token
Solana (SOL) price rose 12% to $247.76 on Saturday (Jan 13) after the launch of “Official Trump” ($TRUMP), a memecoin issued on the Solana blockchain and endorsed by President-elect Donald Trump.
Earlier, SOL had surged nearly 23%, marking a sharp rally. The $TRUMP memecoin, announced late Friday on Trump’s X and Truth Social accounts, had a market cap of over $5 billion, making it the largest meme token on the Solana network.
It began trading at $4.29 but quickly rocketed by 604% to $30.22, according to CoinGecko. Solana, the fourth-largest cryptocurrency by market cap (excluding stablecoins), gained significant traction in 2024, with an 85% rise year-to-date.
The token is known for its scalability and affordability, hosting popular DeFi, gaming, and meme coin projects. The excitement around $TRUMP added to Solana’s bullish momentum, coinciding with the impending approval deadline for several SOL exchange-traded funds (ETFs) from asset managers like Bitwise, VanEck, and ProShares.
If approved, these ETFs could further institutionalize Solana’s growth. The $TRUMP token, backed by CIC Digital (an affiliate of The Trump Organization), is positioned as a symbolic expression of Trump’s ideals, with no guarantees of investment returns.
The memecoin adds to Trump’s blockchain ventures, including previous NFT collections and a DeFi platform. As the cryptocurrency market gears up for Trump’s inauguration on Monday, industry players anticipate a period of heightened innovation, with Solana and $TRUMP riding the wave of optimism.
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