With excitement mounting towards Donald Trump’s inaugural speech on January 20th, the wider cryptocurrency sector has experienced a notable surge. In particular, Solana (SOL) reached a record high of more than $270 on Saturday.
Solana Surges Past $270 Amid Record TVL
Over the course of an impressive day and night, the value of Solana tokens increased significantly by over 25%. It peaked at approximately $270.21, but subsequently dropped back down towards its present trading price which hovers around $252 per token.
Behind this remarkable price surge, an important milestone stands out: The Total Value Locked (TVL) of Solana has likewise hit an all-time peak.
According to data from DeFiLlama, the total value locked (TVL) in Solana has reached an impressive $10.33 billion, breaking its previous record of $10.027 billion, which was achieved back in November 2021.
It seems that the emergence of a fresh meme-based cryptocurrency, known as ‘Official Trump’ or TRUMP, could be one significant aspect driving this situation. Trump introduced this digital token on his Truth Social platform over the weekend.
The cryptocurrency was launched as a tribute following his election victory and impending inauguration. This event led to an enormous surge in its value, with the price of TRUMP increasing by more than 300%, peaking at nearly $29 and amassing a market capitalization of approximately $5.81 billion.
TRUMP Memecoin’s Impact On SOL
Initially issued on the Solana blockchain, the TRUMP token starts with a fixed quantity of 200 million tokens at its inception, aiming to eventually increase up to a total of one billion tokens within the subsequent three-year period.
The Trump Organization’s affiliate, CIC Digital LLC, and a company named Fight Fight Fight LLC based in Delaware, hold ownership of the remaining 80% of the tokens that are yet to be distributed. This company was established shortly after the election.
Beyond the buzz surrounding the TRUMP token, several other favorable events have fueled Solana’s price rise.
As a crypto investor, I’m buzzing with excitement about the upcoming launch of Solana spot Exchange-Traded Funds (ETFs). The prospect of these ETFs being included in the U.S. strategic reserve assets has certainly piqued my interest and added fuel to my investment plans.
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2025-01-18 20:11