Trump’s Official Memecoin Skyrockets Over 900%, Driving Solana to New Records

Donald Trump’s official memecoin saw a remarkable surge early Sunday, climbing to $44, marking an increase of more than 900% in just 24 hours. The explosive growth of the TRUMP token has invigorated the Solana ecosystem, sparking significant price increases across various Solana-based tokens.

The Solana blockchain’s native SOL token reached new all-time highs, surpassing $275, as Trump backed the launch of the TRUMP token, calling it his “official” memecoin. The decision to use Solana as the token’s issuance platform has led to increased demand for SOL, with sentiment around the blockchain rising sharply, as reported by CoinDesk on Saturday.

Solana’s Surging Volume

The introduction of the TRUMP token has catalyzed a massive jump in Solana’s trading volumes, which soared from $3 billion on Thursday to over $26 billion in the past 24 hours. This increase has driven weekly gains for SOL to more than 46%, representing an impressive rebound from the token’s lows of $9 in December 2022, following the collapse of crypto exchange FTX and the downfall of Sam Bankman-Fried, which had deeply affected market sentiment for Solana.

The TRUMP Token Launch

The TRUMP token was launched late Friday on the Solana blockchain, with backing from ecosystem leaders Jupiter and Meteora. Jupiter’s native JUP tokens also saw a 30% increase in value within the last 24 hours as a result of the launch.

The issuance of the token was coordinated by CIC Digital LLC, a Trump Organization affiliate, alongside Fight Fight Fight LLC, a newly-formed company. Together, these entities control 80% of the token’s supply, with a vesting period of over three years in place. It remains unclear what financial benefit Trump himself might receive from the token’s success.

Market Confusion and Price Surge

TRUMP’s price jumped from just a few cents to $14 in under six hours, leading to widespread confusion in the market. Many speculated whether the token was actually backed by Trump or if it was a fraudulent version issued by a hacker. By Sunday afternoon in Asia, TRUMP had surpassed $44 in value, with the token making its way onto prominent exchanges like Coinbase and Binance, along with multiple futures products.

As a result of its meteoric rise, TRUMP has become the third-largest memecoin by market capitalization, overtaking pepecoin (PEPE) and positioning itself just behind dogecoin (DOGE) and shiba inu (SHIB).