As anticipation builds around President-elect Donald Trump’s inaugural address on January 20, the broader cryptocurrency market has witnessed a significant rally, with Solana (SOL) hitting a new all-time high of over $270 on Saturday.
Solana Surges Past $270 Amid Record TVL
In a striking 24-hour period, Solana surged more than 25%, briefly reaching $270.21 before retracting to around its current trading price of $252 per token.
Underlying this impressive price movement is a noteworthy development: Solana’s Total Value Locked (TVL) has also reached a record high.
Data from DeFiLlama indicates that Solana’s TVL hit $10.33 billion, surpassing its previous all-time high of $10.027 billion set in November 2021.
A key factor in this phenomenon appears to be the launch of a new memecoin, dubbed ‘Official Trump (TRUMP),’ which was announced by Trump in a post on Truth Social late Friday.
The cryptocurrency was introduced to celebrate his electoral win and upcoming inauguration. As a result, the price of TRUMP skyrocketed by over 300%, reaching just below $29 and achieving a market capitalization of $5.81 billion.
TRUMP Memecoin’s Impact On SOL
Developed on the Solana blockchain, the TRUMP token has a limited supply of 200 million coins at launch, with plans to gradually expand to a total of 1 billion coins over the next three years.
Ownership of the remaining 80% of the tokens, which have yet to be released, is held by the Trump Organization’s affiliate, CIC Digital LLC, and Fight Fight Fight LLC—a Delaware-based company formed shortly after the election.
In addition to the excitement surrounding the TRUMP token, other positive developments have contributed to SOL’s upward momentum.
The anticipated launch of Solana spot exchange-traded funds (ETFs) and its inclusion in the US strategic reserve assets are generating buzz among investors.
Featured image from DALL-E, chart from TradingView.com
