Solana’s underlying token hit a new all-time high on Saturday amid the massive runup of Official Trump (TRUMP), the memecoin launched by President-elect Donald Trump.
Solana traded to as high as $268.75 on Saturday morning, according to CoinMarketCap, eclipsing its previously all-time high set this past November. Solana traded around $254 at publication time, up 17% according to The Block’s SOL price data.
The surge was led by the debut of the Solana-based TRUMP, which was announced Friday night across Trump’s social media accounts. The token's website says there are 200 million $TRUMP tokens available on day one, with the supply growing to a total of one billion over three years. "Creators and CIC Digital" are set to receive 80% of the token over three years of tranched unlocks, with 10% allocated for "Public Distribution."
The Official Trump memecoin currently trades at around $27.84 with a fully diluted value of $28 billion, according to Solscan data. Donald Trump's son, Eric Trump, praised the launch with a post on X, writing, "I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth," before promoting the Trump-associated World Liberty Financial project.
Solana is the fifth-largest cryptocurrency with a market cap of $125 billion. Over the last 24 hours, SOL witnessed a massive $23.2 billion in trading volume. The token has a circulating supply of 486.6 million tokens out of a total supply of 592.4 million tokens.
The $TRUMP memecoin was launched in an apparent partnership with several Solana-based protocols, including memecoin launchpad Moonshot, decentralized exchange Jupiter, and liquidity protocol Meteora. The success of the token propelled Moonshot into the top 10 apps on Apple's U.S. App Store, processing $400 million in volume in the first 12 hours, according to Moonshot.
Notably, DEX tokens were also surging higher in an otherwise down day for crypto markets. Jupiter is higher by 33% to $1.094 according to The Block’s price data, while Raydium was up more than 20% to $7.03.
Jupiter's pseudonymous founder "Meow" noted that the increase in traffic to the exchange led to elevated error rates which the exchange's team is working to combat. "Major system updates [are] rolling out soon to fix these issues in a more systemic way, but in the meantime, [we're] doing what we can," Meow wrote on X.
Some expect a spot Solana ETF to be approved by the end of 2025 thanks to the pro-crypto Trump administration, however, whether Solana will be classified as a commodity or security by the new SEC commissioners will play a major role in the ETF approval process.
“How the SEC eventually classifies Solana figures to have a major impact on how quickly an ETF could launch,” The Block’s RT Watson and Sarah Wynn reported this week. “Deeming SOL a security could send the ETF application process sideways as it would change the application process significantly, according to various experts familiar with the bureaucracy involved in launching the bitcoin and ether ETFs in 2024.”
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