Source: CoinDesk
The launch of Donald Trump’s official memecoin on Solana has not only boosted the cryptocurrency’s price and trading volume, but also perceived odds of a SOL ETF.
What to know:
- The launch of Donald Trump’s official memecoin helped Solana’s price and trading volume surged, helped its total value locked surpass $10 billion for the first time since the FTX collapse.
- Trump’s memecoin is now the third-largest across all blockchains in terms of market capitalization and boosted perceived odds of a solana ETF launch.
- The launch of a cryptocurrency endorsed by a U.S. President suggests a shift towards a more permissive approach to cryptocurrency innovation in the United States.
The “official” memecoin of incoming U.S. President Donald Trump has boosted interest in Solana (SOL), leading to a surge in both its price and trading volume, which in turn helped the total dollar value locked (TVL) on the network top $10 billion for the first time since the collapse of FTX.
Donald Trump’s choice of issuing the memecoin on Solana helped SOL rise more than 23% since its announcement, moving the cryptocurrency’s price to a new all-time high and boosting the dollar value locked on its smart contracts. Data from DeFiLlama shows TVL on Solana is now at $12 billion, a new all-time high.
Measured in SOL, the value locked on the network has been steadily growing since the beginning of last year and recently topped 45 million SOL. This level hasn’t been seen since August 2022, ahead of the collapse of FTX, whose co-founder Sam Bankman-Fried was a major Solana proponent.
The launch of Donald Trump’s official memecoin, $TRUMP, was co-ordinated by CIC Digital LLC, a Trump-affiliated organization, the BBC reported. Together with Fight Fight Fight LLC, they own 80% of the memecoin’s supply set to be released over the next three years.
