On Jan. 18, 2025, the cryptocurrency market witnessed a major occasion with the launch of the “OFFICIAL TRUMP” ($TRUMP) memecoin on the Solana (SOL) blockchain. Its value has soared over 490% in lower than 24 hours.
OFFICIAL TRUMP turns into high 30 crypto in a single day
Donald Trump has introduced the token from his official accounts on Reality Social and X, and the token’s introduction led to a whirlwind of exercise, capturing headlines and the eye of merchants worldwide.
OFFICIAL TRUMP 15-min candle chart. Supply: TradingView
Inside simply three hours of its launch, TRUMP’s market capitalization soared to an astonishing $8 billion, placing it into the highest 30 cryptocurrencies. TRUMP’s market cap is at present at $5.7 billion, with a totally diluted market worth of $28.5 billion.
Associated: Traders bag millions as Trump team confirms launch of Solana memecoin
This speedy rise was fueled by a close to 500% surge in worth shortly after its debut, with 24-hour buying and selling volumes exceeding $12 billion.
The launch of TRUMP had a profound affect on the Solana ecosystem. The token, which was constructed on Solana, has attracted merchants’ consideration for memecoin creation and considerably boosted its buying and selling volumes.
Solana’s native token, SOL, skilled a notable leap in value, rising to hit a brand new all-time excessive above $270 on the day.
This leap was a part of a broader pattern the place Solana-based memecoins and DeFi initiatives noticed elevated curiosity, resulting in a shift in liquidity from different networks like Ethereum, the place a number of outstanding memecoins noticed dips in worth as a result of this shift.
Furthermore, SOL value has jumped towards Ether (ETH) to a brand new all-time excessive of 0.081, largely as a result of launch of the TRUMP memecoin.
SOL/ETH 1-week candle chart. Supply: TradingView
80% of TRUMP owned by one pockets
The TRUMP coin launch was not without controversy or skepticism; nevertheless, with considerations concerning the legitimacy of the venture as a result of Trump’s historical past with unconventional ventures, considerations about his social media accounts being compromised, and the focus of 80% of the tokens in a single pockets.
Arkham Intelligence noted on X:
Donald Trump’s web price is up $22 billion in a single day, assuming CIC Digital LLC and Struggle Struggle Struggle LLC, which collectively personal 80% of the $TRUMP provide, successfully belong to him.
What’s extra, on the present value of round $28, that stake is price $22.4 billion.
“Forbes estimated the President-elect’s web price at $5.6 billion in November 2024,” provides Arkham.
If that is correct, the addition of the memecoin stake can be a 5x enhance.
Regardless of these debates, the occasion has undeniably marked a major second for Solana, highlighting its capability to deal with large buying and selling volumes and its attraction for high-profile initiatives.
The launch has additionally stirred discussions on the volatility launched by such high-profile memecoins into the broader crypto market, underlining the unpredictable nature of cryptocurrency buying and selling.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.
