Trump Memecoin ($TRUMP) Rallies SOL to a New All-Time High

Solana rallied from $219.53 on Saturday morning to a high of around $290 on Sunday morning following the announcement of an official TRUMP token

Solana's (CRYPTO: SOL) network token soared to a new all-time high following a spike in on-chain trading activity.

Solana price action: Solana rallied from $219.53 on Saturday morning to a high of around $290 on Sunday morning. However, the price did not close above the previous all-time high on the daily time frame.

Price fell slightly from the new all-time high Sunday afternoon as open interest levels on Binance declined.

Solana's price has begun to recover and trades at $264.32 at the time of writing.

Solana's network token, SOL, rallied to a new all-time high of around $295 following an announcement from President-elect Donald Trump of an official TRUMP token on Friday, Jan. 17.

Solana's price soared to a new high as a memecoin from Trump's official X account was announced.

Around 9:44 PM EST, President-elect Trump tweeted the new memecoin from his official X account.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun!”

The announcement was met with skepticism from some traders, who initially believed hackers may have taken over the former president's account. However, crypto sleuths discovered the launch to be legitimate.

Funds began flowing into the token 1 – 3 hours post-launch, with the memecoin's legitimacy — coupled with Trump's popularity in crypto and politics — encouraging traders to transact a total volume of around $27 billion over the 24 hours following the token's launch.