The Solana emblem on a telephone display screen and illustration of cryptocurrencies are seen on this photograph taken in Krakow, Poland, Aug. 21, 2021.
Jakub Porzycki | NurPhoto | Getty Images
Solana’s SOL token rocketed after a memecoin linked to President-elect Donald Trump launched on the favored blockchain community.
The worth of SOL was up by greater than 12% Saturday, in accordance with Coin Metrics. Earlier, it surged practically 23%. Ether, certainly one of its major rivals, fell 7%.
The strikes started late Friday after the launch of a brand new memecoin announced on Trump’s social media accounts and issued on the Solana blockchain. “Official Trump” (TRUMP) has attracted greater than $5 billion since then to change into the biggest memecoin on the Solana community, according to CoinGecko.
That transfer got here forward of Trump’s inauguration Monday, which is broadly anticipated to usher in a brand new period of innovation and productiveness within the crypto business, and on the day crypto villain Gary Gensler ended his time period as chairman of the Securities and Exchange Commission.
Solana is the fourth-largest cryptocurrency by market cap, excluding stablecoins. It was created in 2020 as a sooner and cheaper different to Ethereum and now hosts among the hottest memecoins like dogwifhat and Pudgy Penguins, in addition to decentralized finance (DeFi) and gaming initiatives.
The token has change into so widespread asset managers are searching for to problem alternate traded funds monitoring its worth. The choice deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching Jan. 25. ProShares on Friday night additionally filed for 4 completely different ETFs based mostly on SOL. If authorised this 12 months, SOL ETFs could solely entice a fraction of the belongings that flowed into bitcoin ETFs of their first 12 months of buying and selling, according to JPMorgan.
SOL gained 85% in 2024. It’s now up 25% this 12 months.
