US President-elect Donald Trump's “official” meme coin has increased interest in Solana (SOL), causing both its price and trading volume to skyrocket, resulting in a total dollar value locked (TVL) increase on the network. He helped the company exceed $10 billion. This is the first time since the collapse of FTX.
Donald Trump's choice to issue meme coins in Solana has seen SOL rise more than 23% since the announcement, pushing the cryptocurrency's price to new all-time highs and increasing the value of dollars pegged in smart contracts. rose. According to DeFiLlama data, Solana’s TVL is currently $12 billion, an all-time high.
As measured by SOL, the value locked on the network has been steadily increasing since the beginning of last year and recently exceeded 45 million SOL. These levels haven't been seen since August 2022, prior to the collapse of FTX, whose co-founder Sam Bankman Fried was a major supporter of Solana.
The launch of $TRUMP, Donald Trump's official meme coin, was coordinated by Trump affiliate CIC Digital LLC, the BBC reported. Together with Fight Fight Fight LLC, they own 80% of the memecoin supply scheduled to be released over the next three years.
Memecoin has dominated the headlines in this space, is scheduled to be listed on major crypto exchanges such as Binance and Coinbase, and is currently second only to Shiba Inu among all blockchains in terms of market capitalization. It ranks third after Dogecoin.
The token was launched by a team including Jupiter and Meteora from the Solana ecosystem protocol, sparking a trading frenzy on the network's decentralized exchanges, and DeFiLlama says Raydium has surpassed Tether in 24-hour fee generation. was shown.
Moonshot, the meme coin trading platform featured on the Meme Coin website posted on social media by President-elect Donald Trump, reports trading volume of nearly $400 million in the first 12 hours after Meme Coin was launched. He added that more than 200,000 users were registered on the network in the process. .
https://x.com/moonshot/status/1880659326395666759
The network's selection also helped raise awareness of the potential launch of a spot Solana exchange-traded fund (ETF) in the first half of this year. Polymarket traders put the probability of such a product on sale by July 31 at 43% to 61%.
The trading frenzy occurred over the weekend, when trading volumes are typically subdued as activity from many institutional investors and professional traders slows. This means speculative activity on the network is likely to continue this week.
Beyond that, the emergence of meme coins has brought an influx of new users to Solana, giving a network that has suffered multiple major failures a chance to prove its robustness. If it survives this test, the Solana ecosystem could continue to see significant influx.
The introduction of President Trump's token signals a change in the US government's attitude towards the crypto sector, gaining legitimacy as the president of the world's largest economy literally launched a Solana-based meme coin. It shows that.
The memecoin rollout signals a “change in U.S. fintech policy toward more permissive innovation,” said Eric Voorhees, cryptocurrency OG and founder of Shapeshifter.
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