In the wake of the launch of a meme coin themed to President-elect Donald Trump, the cryptocurrency Solana SOL/USD has surged 15% on Saturday.
What Happened: According to Coinmarketcap, the SOL token of Solana experienced a significant value increase following the launch of a Trump-themed meme coin on the Solana blockchain.
On Saturday, SOL’s price soared more than 15% to $254.71. The newly introduced meme coin, named “Official Trump” TRUMP/USD, was unveiled on Trump’s social media accounts late Friday and has since garnered more than $5 billion, making it the largest meme coin on the Solana network, according to CoinGecko.
Trump himself, and entities directly connected to him, have earned as much as $25 billion from the offering, according to Axios.
This development is timed ahead of Trump’s inauguration on Monday, which is anticipated to usher in a new era of innovation and productivity in the crypto industry. It also coincides with the conclusion of Gary Gensler‘s term as chairman of the Securities and Exchange Commission.
Also Read: ‘Official Trump’ Memecoin Jumps Over 260% Ahead Of President-Elect’s White House Inauguration
Solana, the fourth-largest cryptocurrency by market cap, was established in 2020 as a quicker and more affordable alternative to Ethereum ETH/USD. It hosts popular meme coins like dogwifhat and Pudgy Penguins, in addition to decentralized finance (DeFi) and gaming projects.
The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares, and Canary is January 25. ProShares also filed for four different ETFs based on SOL on Friday.
Why It Matters: The introduction of the Trump-themed memecoin and its subsequent success highlights the growing influence of political figures on the cryptocurrency market.
The surge in Solana’s value following the meme coin’s launch underscores the potential of such themed coins to drive market trends. With the end of Gensler’s term, the crypto industry is poised for potential regulatory changes that could further impact the market dynamics.
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