The Solana logo on a phone screen and representation of cryptocurrencies are seen in this photo taken in Krakow, Poland on August 21, 2021.
Jakub Porzycki | NurPhoto | Getty Images
at Solana GROUND the token exploded after the launch of a memecoin linked to President-elect Donald Trump on the popular blockchain network.
The price of SOL rose more than 12% on Saturday, according to Coin Metrics. Previously, it had jumped almost 23%. Etherone of its main competitors, fell 7%.
The movements began on Friday evening after the launch of a new memecoin. announced on Trump’s social media accounts and issued on the Solana blockchain. “Official Trump” (TRUMP) has since attracted over $5 billion to become the largest memecoin in the Solana network, according to CoinGecko.
The move came 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 ended his tenure as chairman of the Securities and Exchange Commission.
Solana is the fourth largest cryptocurrency by market capitalization, excluding stablecoins. It was created in 2020 as a faster and cheaper alternative to Ethereum and now hosts some of the most popular memecoins like dogwifhat And Chubby penguinsas well as decentralized finance (DeFi) and gaming projects.
The token has become so popular that asset managers are looking to issue exchange-traded funds that track its price. The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching January 25. ProShares also filed four different SOL-based ETFs on Friday evening. If approved this year, SOL ETFs could attract only a fraction of the assets that were invested in Bitcoin ETFs during their first year of trading, according to JPMorgan.
SOL gained 85% in 2024. It is now up 25% this year.
