In this photo, taken in Krakow, Poland, on August 21, 2021, the Solana logo and a representation of the cryptocurrency can be seen on the phone screen.
Jakub Bolzycki | Noor Photos | Getty Images
Solana’s Sol Coins surge after meme coin tied to president-elect Donald Trump Launched on the popular blockchain network.
According to data from Coin Metrics, the price of SOL rose by more than 12% on Saturday. Previously, the stock surged nearly 23%. etherShares of one of its main rivals fell 7%.
The moves follow the launch of a new meme coin later on Friday Trump announced on his social media account And issued on the Solana blockchain. “Trump Official” (Trump) It has since attracted over $5 billion, making it the largest meme coin on the Solana network. According to CoinGecko.
The move comes ahead of Monday’s inauguration of Trump, who is widely expected to usher in a new era of innovation and productivity in the crypto industry, and comes on the same day that crypto villain Gary Gensler ended SEC Chairman’s Term.
Solana is the fourth largest cryptocurrency by market capitalization (excluding stablecoins). It was created in 2020 as a faster and cheaper alternative to Ethereum and now hosts some of the most popular meme coins such as dog wiffle hat and Chunky Penguinas well as decentralized finance (DeFi) and gaming projects.
The token has become so popular that asset managers are looking to launch exchange-traded funds that track its price. The decision-making deadline for potential ETFs Bitwise, VanEck, 21Shares and Canary is approaching, which is January 25th. If approved this year, the SOL ETF would likely attract only a fraction of the inflows into the Bitcoin ETF in its first year of trading, According to J.P. Morgan.
SOL is up 85% in 2024.
