Trump’s Official Memecoin Surges in Value on Solana Blockchain

Donald Trump’s official memecoin has sparked fresh speculative activity in the Solana ecosystem, with multiple large-cap tokens surging higher and the blockchain’s native SOL token setting fresh highs above $275.

Background

The token launch was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, and the newly-formed company Fight Fight Fight LLC, as reported by the BBC.

The duo holds 80% of the tokens, subject to a vesting period of over three years, and it is unclear how much money Trump might make from the venture.

Rise to Prominence

Prices of Trump’s memecoin, TRUMP, rocketed from a few cents to $14 in less than six hours amid widespread confusion over whether the token was actually backed by Trump or if someone had hacked Trump’s account and issued a fake token.

As of Sunday afternoon in Asia, TRUMP trades above $44, grabbing listings on prominent exchanges Coinbase and Binance, as well as several futures products.

It has become the third-largest memecoin by market capitalization behind dogecoin (DOGE) and shiba inu (SHIB), flipping pepecoin (PEPE).

Impact on Solana Ecosystem

The choice of Solana as an issuance network has bumped demand and sentiment for SOL tokens, with CoinDesk reporting that SOL trading volumes have rocketed from $3 billion to over $26 billion in the past 24 hours.

This surge in trading volume has brought weekly gains to over 46%, a nearly 3,000% surge since three-year lows of $9 in December 2022 following the implosion of crypto exchange FTX and prominent backer Sam Bankman-Fried, which dented sentiment for Solana at the time.

FAQs

• What is Trump’s official memecoin? Trump’s official memecoin, TRUMP, is a digital asset issued on the Solana blockchain.
• Who is behind the token launch? The token launch was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, and the newly-formed company Fight Fight Fight LLC.
• How much money might Trump make from the venture? It is unclear how much money Trump might make from the venture, as the duo holds 80% of the tokens, subject to a vesting period of over three years.
• How does this impact the Solana ecosystem? The choice of Solana as an issuance network has bumped demand and sentiment for SOL tokens, leading to a surge in trading volumes and a nearly 3,000% surge in value since three-year lows.