Solana Nails New All-Time High Price Amid Phenomenal $TRUMP Memecoin Buzz
The native token of the Solana blockchain, SOL, has skyrocketed to a fresh record high after the network hosted the on-fire President-elect Donald Trumps official meme coin, TRUMP. The TRUMP token launch caught the attention of the crypto market and could be behind Solanas new price highs.
Solana Price Hits New Record High
The crypto market experienced a big surprise on Jan. 18 when the official Trump (TRUMP) meme coin, endorsed by President-elect Donald Trump, debuted without prior notice.
Despite the highly competitive memecoin market, TRUMP quickly reached a jaw-dropping market capitalization of $14.7 billion, according to CoinGecko. TRUMP is currently sitting at a price of about $73.27. The Solana token is now the 16th most valuable coin on the market.
TRUMP was immediately listed on Bitget, Kraken, and KuCoin. The TRUMP token is set to soon be listed on major crypto exchanges, including Coinbase and Binance.
Donald Trumps son, Eric Trump, praised the launch on X, positing:
I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth.
The meme coins outstanding debut sparked a rally in Solanas SOL, pushing it to a fresh lifetime high of $293.31 eclipsing its previous all-time high set in November. At press time, CoinGecko shows SOL up 16.4% on the day at a current price of $291.79. The Ethereum killer is the best-performing among the top 10 coins over the past 24 hours. SOL is the fourth-largest crypto with a market cap of $139 billion.
SOL ETFs Next?
Meanwhile, some crypto commentators expect a U.S.-listed spot Solana exchange-traded fund (ETF) to be approved by the end of this year, thanks to the anticipations of a more pro-crypto White House after Trumps inauguration on Jan. 20. As ZyCrypto reported earlier, banking giant JPMorgan estimates that SOL-based products could attract between $3 billion and $6 billion within the first six to 12 months if approved.
That said, whether SOL is classed as an unregistered security or a commodity by the new Securities and Exchange Commission commissioners will be pivotal in the ETF approval process.
Read more: https://zycrypto.com/solana-nails-new-all-time-high-price-amid-phenomenal-trump-memecoin-buzz/
Text source: ZyCrypto
