The Solana logo and a representation of the cryptocurrency can be seen on a phone screen in this photo taken in Kraków, Poland on August 21, 2021.
Jakub Porzycki | Nurfoto | getty images
Solana’s Fifth note of musical scale Tokens surge after a meme coin linked to the presidential election donald trump Launched on the popular blockchain network.
According to Coin Metrix, the price of SOL rose more than 15% on Saturday to $254.71. Earlier, it had increased by about 23%. etherOne of its main competitors, fell 7%.
The move followed the launch of the new meme coin late Friday night The announcement was made on Trump’s social media accounts. And released on the Solana blockchain. “Official Trump” (Trump) Solana has since attracted over $5 billion to become the largest meme coin on the network, According to CoinGecko,
The move comes ahead of Trump’s inauguration on Monday, which is widely expected to usher in a new era of innovation and productivity in the crypto industry, and the day crypto villain Gary Gensler ends his term as chairman of the Securities and Exchange Commission. Did.
Solana is the fourth largest cryptocurrency by market cap excluding stablecoins. It was created in 2020 as a fast and cheap alternative to Ethereum and now hosts some of the most popular meme coins like dogwifehat And cuddly penguinAs well as decentralized finance (DeFi) and gaming projects.
The token has become so popular that asset managers are looking to release exchange traded funds tracking its price. The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching January 25. ProShares also filed for four separate ETFs based on SOL on Friday evening. If approved this year, SOL ETFs could attract only a fraction of the assets that flowed into Bitcoin ETFs in their first year of trading. According to JP Morgan,
SOL increased by 85% in 2024. It is now about 4% off its all-time high of $264.56 from Nov. 22.
Latest Trump Crypto Project
The “Official Trump” coin was announced late Friday night on the President-elect’s .
It began trading at a price of $4.29 at around 10:40 pm ET on Friday and has since surged 604% to $30.22, according to CoinGecko data.
A disclaimer on the new coin website says, “It is intended to serve as an expression of support for and engagement with the ideals and beliefs embodied by the symbol ‘$TRUMP’ and related artwork, and … is not intended to be or be the subject of an investment opportunity, Investment contracts, or any type of security.”
According to the website, there are initially 200 million coins available, which will increase to 1 billion in three years. Only 10% is available to the public, the other 10% is held in liquidity and 80% is for “creators and CIC Digital”, an affiliate of the Trump Organization.
The meme coin is the latest effort to raise funds from Team Trump – which has also launched two NFT collections – the Trump Digital Trading Card on the Polygon blockchain and the Trump Bitcoin Digital Trading Card on the Bitcoin network – as well as DeFi platform World Liberty on the Ethereum network. Financial.
The role of memes in Internet culture reflects the origins, culture, and permissionless nature of the crypto industry. This could give them more lasting power than meme stocks – the original meme coin and one of the oldest cryptocurrencies, dogecoinThe seventh-largest cryptocurrency by market cap – but they are widely viewed as purely speculative and often lack intrinsic value.
