The price of SOL was up by more than 12% Saturday, according to Coin Metrics. Earlier, it surged nearly 23%. Ether, one of its main competitors, fell 7%.
A memecoin linked to President-elect Donald Trump has launched on the Solana blockchain, sparking a surge in the price of SOL.
According to Coin Metrics, the price of SOL increased by over 12% on Saturday. Earlier, it had surged nearly 23%. Notably, Ether, one of SOL's main competitors, experienced a decline of 7%.
The surge in SOL's price began late Friday with the launch of a new memecoin, which was announced on Trump's social media accounts and issued on the Solana blockchain. The memecoin, called "Official Trump" (TRUMP), has rapidly gathered more than $5 billion, making it the largest memecoin on the Solana network, as reported by CoinGecko.
This development comes ahead of Trump's inauguration on Monday, which is expected to mark the beginning of a new era of innovation and productivity in the crypto industry. It is also the day that crypto villain Gary Gensler will end his term as chairman of the Securities and Exchange Commission.
Solana, the fourth-largest cryptocurrency by market cap (excluding stablecoins), was created in 2020 as a faster and cheaper alternative to Ethereum. It now hosts some of the most popular memecoins, such as dogwifhat and Pudgy Penguins, as well as decentralized finance (DeFi) and gaming projects.
The popularity of Solana has prompted asset managers to seek approval for exchange traded funds that will track the price of SOL. The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares, and Canary is approaching on January 25. Additionally, ProShares filed on Friday evening for four different ETFs based on SOL. According to JPMorgan, if approved this year, SOL ETFs may only attract a fraction of the assets that flowed into bitcoin ETFs in their first year of trading.
After gaining 85% in 2024, SOL has risen 25% so far this year.
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