Solana Hits $275 Lifetime Peak as Official Trump Memecoin Surges to $8B

Donald Trump’s authoritative memecoin has jumpstarted caller speculative enactment successful the Solana ecosystem astir overnight.

Multiple large-cap tokens based connected Solana surged higher Saturday, and the blockchain’s autochthonal SOL token acceptable caller highs supra $275 arsenic the incoming U.S. president backed a caller Solana-based TRUMP token Friday night, calling it his “official” memecoin.

The prime of Solana arsenic an issuance web bumped request and sentiment for SOL tokens, arsenic CoinDesk reported Saturday.

SOL trading volumes person rocketed from Thursday’s $3 cardinal to implicit $26 cardinal successful the past 24 hours, with Saturday’s moves bringing play gains to implicit 46%.

That’s a astir 3,000% surge since three-year lows of $9 successful December 2022 pursuing the implosion of crypto speech FTX and salient backer Sam Bankman-Fried, which dented sentiment for Solana astatine the time.

Trump’s authoritative memecoin was issued successful precocious U.S. hours Friday connected the Solana blockchain by a squad including ecosystem giants Jupiter and Meteora. Prices of Jupiter’s JUP tokens are up 30% successful the past 24 hours.

The token motorboat was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization, and the newly-formed institution Fight Fight Fight LLC, per BBC. The duo holds 80% of the tokens, taxable to a vesting play of implicit 3 years, and it is unclear however overmuch wealth Trump mightiness marque from the venture.

TRUMP prices rocketed from a fewer cents to $14 successful little than six hours amid wide disorder connected whether the token was really backed by Trump oregon if idiosyncratic had hacked Trump’s relationship and issued a fake token.

It trades supra $44 successful Asian day hours Sunday, grabbing listings connected salient exchanges Coinbase and Binance, arsenic good arsenic respective futures products. It has go the third-largest memecoin by marketplace capitalization down dogecoin (DOGE) and shiba inu (SHIB), flipping pepecoin (PEPE).