Solana (SOL) Price Down 12%, TRUMP Coin Down 27% as the Hype Fizzled Out

The crypto markets and investors got a rude awakening as incoming US President Donald Trump launched a new meme coin on January 18.

The TRUMP coin, named after incoming US President Donald Trump, was launched on January 18 as a new cryptocurrency token. The coin, which is not intended to be an investment option but rather a gesture of support for the new US administration, has nevertheless soared in value for a short period.

The launch of the TRUMP coin has sent the markets into a frenzy. While many lined up to add the coin to their portfolio, others did it to show their support. Many others took this as a sign of a pro-crypto administration starting and hoped for better returns from investing in other altcoins. Meanwhile, the TRUMP coin launch pulled Solana’s price up initially before pulling it downwards as the new coin tanked.

Solana (SOL) Price Down 12%

Solana (SOL) was launched in 2020 as an alternative to the Ethereum network and it is rapidly gaining ground as a strong developer network. Solana (SOL) hosts some of the most popular coins like Dogecoin and popular decentralized finance (DeFi) and gaming projects. Solana’s price was already shooting up when the launch of the TRUMP coin surprised everyone.

There’s no question that Solana’s price got a boost from the TRUMP coin’s launch, but it proved to be temporary. The Solana price is currently around the $259 range right now as it dropped from $273. The drop in TRUMP’s coin served to pull SOL down as well. Solana’s price is down almost 12% in the daily charts while its market cap is $126.2 billion (down 11.3%) and its market volume is $32.14 billion right now.

TRUMP Coin Down 27%

The coin, which is named after President-elect Donald Trump, was launched as a new crypto token. Although it was meant as a gesture of support for the incoming US President, and not as an investment option, it has soared in value for a short while.

The launch of the TRUMP coin has sent the markets into a frenzy. While many lined up to add the coin to their portfolio, others did it to show their support. Many others took this as a sign of a pro-crypto administration starting and hoped for better returns from investing in other altcoins. Meanwhile, the TRUMP coin launch pulled Solana’s price up initially before pulling it downwards as the new coin tanked.

Solana (SOL) Price Down 12%

Solana (SOL) was launched in 2020 as an alternative to the Ethereum network and it is rapidly gaining ground as a strong developer network. Solana (SOL) hosts some of the most popular coins like Dogecoin and popular decentralized finance (DeFi) and gaming projects. Solana’s price was already shooting up when the launch of the TRUMP coin surprised everyone.

There’s no question that Solana’s price got a boost from the TRUMP coin’s launch, but it proved to be temporary. The Solana price is currently around the $259 range right now as it dropped from $273. The drop in TRUMP’s coin served to pull SOL down as well. Solana’s price is down almost 12% in the daily charts while its market cap is $126.2 billion (down 11.3%) and its market volume is $32.14 billion right now.