Solana (SOL) Price Hits New Record High After Hosting Trump's (TRUMP) Meme Coin Launch

The crypto market experienced a big surprise on Jan. 18 when the ‘official’ Trump (TRUMP) meme coin, endorsed by President-elect Donald Trump, debuted without prior notice.

Solana’s native token, SOL, has hit a new all-time high following the launch of the President-elect Donald Trump meme coin, TRUMP, on the Solana network.

The launch of TRUMP, which was not officially endorsed by the former president, has drawn attention in the crypto space.

Solana Price Surges with TRUMP Coin Launch

The crypto market was hit with a surprise on Jan. 18 as the ‘official’ Trump (TRUMP) meme coin, endorsed by Donald Trump, launched without prior notice.

The TRUMP token, which is not officially affiliated with the former president, quickly reached a market capitalization of $14.7 billion, according to CoinGecko. TRUMP is currently trading at a price of around $73.27. The Solana token is now the 16th most valuable coin on the market.

TRUMP was immediately listed on Bitget, Kraken, and KuCoin. The TRUMP token is set to soon be listed on major crypto exchanges, including Coinbase and Binance.

Donald Trump’s son, Eric Trump, praised the launch on his X page, posting:

“I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth.”

The meme coin’s remarkable debut sparked a rally in Solana’s SOL, pushing it to a fresh lifetime high of $293.31 — eclipsing its previous all-time high set in November. At press time, CoinGecko shows SOL up 16.4% on the day at a current price of $291.79. The Ethereum killer is the best-performing among the top 10 coins over the past 24 hours. SOL is the fourth-largest crypto with a market cap of $139 billion.

SOL ETFs Next?

Meanwhile, some crypto commentators expect a U.S.-listed spot Solana exchange-traded fund (ETF) to be approved by the end of this year, thanks to the anticipations of a more pro-crypto White House after Trump’s inauguration on Jan. 20.

As ZyCrypto reported earlier, banking giant JPMorgan anticipates that SOL-based products could attract between $3 billion and $6 billion within the first six to 12 months if approved.

That said, whether SOL is classed as an unregistered security or a commodity by the new Securities and Exchange Commission commissioners will be pivotal in the ETF approval process.