The recent announcement of the “official” memecoin of incoming U.S. President Donald Trump has caused a significant surge in interest in Solana (SOL), resulting in a substantial increase in both its price and trading volume. This surge has also contributed to the total dollar value locked (TVL) on the Solana network surpassing $10 billion for the first time since the collapse of FTX.
Since the announcement of Donald Trump’s decision to issue the memecoin on Solana, the price of SOL has risen by more than 23%, reaching a new all-time high. Data from DeFiLlama indicates that the TVL on Solana has now reached $12 billion, setting a new record.
The value locked on the Solana network, measured in SOL, has been steadily increasing since the beginning of last year and has now exceeded 45 million SOL. This level has not been seen since August 2022, prior to the collapse of FTX, a major supporter of Solana led by co-founder Sam Bankman-Fried.
The launch of Donald Trump’s official memecoin, $TRUMP, was orchestrated by CIC Digital LLC, an organization affiliated with Trump, as reported by the BBC. Together with Fight Fight Fight LLC, they own 80% of the memecoin’s supply, which is set to be released over the next three years.
The memecoin has garnered significant attention in the cryptocurrency space and is poised to be listed on major exchanges such as Binance and Coinbase. It currently holds the third-largest market capitalization across all blockchains, trailing only Shiba Inu and Dogecoin.
The token was launched by a team that includes Solana ecosystem protocols Jupiter and Meteora, sparking a trading frenzy on the network’s decentralized exchanges. According to DeFiLlama, Raydium has surpassed Tether in 24-hour fee generation.
Moonshot, the memecoin trading platform featured on the memecoin’s website as promoted by President-elect Donald Trump, reported a 12-hour trading volume of nearly $400 million post-launch. Additionally, it onboarded over 200,000 new users onto the network.
The choice of the Solana network has also increased the likelihood of a Solana exchange-traded fund (ETF) being launched in the first half of the year. Traders on Polymarket have raised the odds of such a product being launched by July 31 from 43% to 61%.
The trading frenzy that occurred over the weekend, typically a period of lower trading volumes, suggests that speculative activity on the network may continue into the week. The influx of new users due to the memecoin’s launch offers Solana an opportunity to showcase its robustness and attract further inflows.
The introduction of Trump’s token signifies a shift in the U.S. government’s stance towards the cryptocurrency sector, granting it increased legitimacy. The launch of a Solana-based memecoin by the President of the United States reflects a more permissive approach to fintech innovation.
Overall, the rollout of the memecoin is expected to bring continued growth and attention to the Solana ecosystem, potentially positioning it for sustained success in the future. There has been a growing trend in recent years towards sustainable living and eco-friendly practices. More and more people are becoming aware of the impact that their daily choices and habits have on the environment, and are taking steps to reduce their carbon footprint and live a more sustainable lifestyle.
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