- A new Trump-backed cryptocurrency on the Solana network sparked massive trading activity, pushing SOL prices above $275.
- Trading volumes for SOL increased from $3 billion to $26 billion within 24 hours.
- The TRUMP token price surged from cents to $44, becoming the third-largest meme cryptocurrency.
- Two companies, CIC Digital LLC and Fight Fight Fight LLC, control 80% of the token supply.
- SOL has recovered significantly from its $9 low in December 2022 following the FTX collapse.
Solana Surges on Trump Token Launch
The Solana blockchain experienced substantial price appreciation after former President Donald Trump endorsed a new cryptocurrency on the network, with its native token SOL reaching $275 on Saturday.
Trading Activity Explodes
The announcement triggered unprecedented trading activity across the Solana ecosystem. Daily trading volume jumped from $3 billion on Thursday to $26 billion, representing a 766% increase. The network’s native token recorded weekly gains exceeding 46%, marking a remarkable recovery from its previous struggles.
The price movement represents a 3,000% increase from December 2022, when SOL traded at $9 following the collapse of cryptocurrency exchange FTX and the legal troubles of its founder Sam Bankman-Fried.
Corporate Structure and Token Distribution
The token launch involved collaboration between Jupiter and Meteora, prominent developers in the Solana ecosystem. According to BBC reports, two entities – CIC Digital LLC, an affiliate of the Trump Organization, and Fight Fight Fight LLC – maintain control of 80% of the token supply, subject to a three-year vesting schedule.
The TRUMP token’s rapid price movement, from mere cents to $44, attracted attention from major cryptocurrency exchanges Coinbase and Binance, which listed both spot and futures trading pairs. The token has surpassed Pepecoin (PEPE) to become the third-largest meme cryptocurrency by market capitalization, following only Dogecoin (DOGE) and Shiba Inu (SHIB).
Initially, market participants expressed uncertainty about the token’s authenticity, questioning whether Trump’s social media accounts had been compromised. However, official confirmation of his involvement sparked increased trading activity across the Solana ecosystem, with Jupiter’s JUP token recording a 30% price increase within 24 hours.
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