Quick Take: Trump Memecoin Launch Boosts Solana to All-Time High, Hits XRP and ETH
The launch of an “official” Trump-themed memecoin on Solana has shaken the crypto market, pushing Solana’s SOL up 9%, while XRP and ETH saw declines amid profit-taking and shifting sentiment.
This caused SOL to reach a new all-time high of $270.67 on Binance.
A Quick Take delivers key facts fast—concise, clear, and easy to read. Perfect for busy readers.
Key Details:
Trump Memecoin Surge:
- Issued on Solana and promoted on Trump’s verified X and Truth Social accounts.
- The token’s price soared from a few cents to $14 in less than six hours.
- Attracted $3 billion in trading volume shortly after launch, driving demand for SOL.
Market Reactions:
- SOL: Up 9% as traders bet on the Trump memecoin’s success.
- XRP: Fell 5% after hitting $3, its highest since 2018, following a 40% weekly gain. XRP had rallied on speculation about Trump’s support for U.S.-linked tokens and Ripple Labs’ ties to his administration.
- ETH: Traders viewed the memecoin’s Solana launch as bearish for Ethereum, contributing to price declines.
Broader Context:
- The memecoin launch aligns with Trump’s pro-crypto stance and his plan to issue an executive order making crypto a “national policy priority.”
- Speculation persists that an “America-first strategic reserve” could prioritize U.S.-founded digital coins like Solana, USD Coin, and Ripple. (Read more: Quick Take: Solana, XRP Surge Amid Rumors of U.S. Crypto Reserve)
This memecoin frenzy reflects the influence of high-profile figures in boosting specific blockchain ecosystems.
What’s next: Trump will be inaugurated as President this Jan. 20th.
This article is published on BitPinas: Quick Take: Trump Memecoin Launch Boosts Solana, Hits XRP and ETH
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