President-elect Donald Trump’s Latest Crypto Project: Solana’s SOL Token Soars
President-elect Donald Trump’s announcement of a new meme coin linked to his name on the Solana blockchain has sent the price of Solana’s SOL token skyrocketing. The token rose 12% to $247.76 on Saturday, following a surge of nearly 23% earlier in the day. The price increase comes ahead of Trump’s inauguration on Monday, which is expected to usher in a new era of innovation and productivity in the crypto industry.
The “Official Trump” (TRUMP) meme coin, which was launched on Trump’s social media accounts and issued on the Solana blockchain, has a market cap of over $5 billion and is now the largest meme coin on the Solana network. The coin began trading at around $4.29 and has since rocketed 604% to $30.22.
Solana is the fourth-largest cryptocurrency by market cap, excluding stablecoins, and was created in 2020 as a faster and cheaper alternative to Ethereum. The token has become popular among asset managers, with several firms seeking to issue exchange-traded funds (ETFs) tracking its price.
The “Official Trump” coin is the latest fundraising effort to come out of team Trump, which has also launched two NFT collections and a DeFi platform on Ethereum. The coin is intended to be an expression of support for Trump’s ideals and beliefs, rather than an investment opportunity. However, its sudden price increase has sparked interest in the crypto community, with some investors seeking to capitalize on the trend.
