Official Trump memecoin launch breaks records, as Solana (SOL) rallies to new all-time high
The “Official Trump” (TRUMP) memecoin launched unexpectedly on January 18, backed by President-elect Donald Trump, leading to a surge in Solana’s (SOL) price to an all-time high of $270. The TRUMP token quickly reached a market capitalization of $6.9 billion and was listed on major exchanges. With 200 million tokens in circulation and a total supply of 1 billion, 80% were allocated to issuers. The launch coincided with the "Crypto Ball" event in Washington, D.C., attended by notable industry leaders. TRUMP's trading volume exceeded $7 billion, surpassing Dogecoin's. The memecoin's success negatively impacted other memecoins, with significant drops in their values. The event solidified Solana's dominance in the crypto space and raised questions about Ethereum's future prospects. The sustainability of TRUMP's price above $20 and Solana's market share growth remain uncertain, contingent on factors like institutional adoption and potential ETF approval.
