Trump Meme Coin Popularity Boosts Solana (SOL) to $290 Record High

Donald Trump’s official meme coin launch has sparked a speculative frenzy in the Solana ecosystem. On January 17, Donald Trump announced the Solana-based TRUMP token as his “official meme coin,” causing significant price surges across major Solana-based tokens over the weekend.

Solana (SOL) broke past the $290 mark on January 19, setting a new all-time high. Daily trading volumes soared from $3 billion last week to $32.2 billion, driven by increased demand and positive market sentiment stemming from Solana’s selection as the blockchain for the TRUMP token.

Key Solana ecosystem players, including Jupiter and Meteora, participated in the TRUMP token launch team. Jupiter’s JUP token also rebounded 30% in response. TRUMP surged 45% in the past day, trading at $42.18, surpassing PEPE and BONK to become the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB).

The token launch was jointly conducted by Trump Group subsidiary CIC Digital and the newly established Fight Fight Fight LLC. Together, the two entities hold 80% of the token supply, with a vesting period exceeding three years.

As of 8:40 a.m. on January 20, Solana has retraced by 7%, trading at $242, marking a 3,000% recovery from its three-year low of $9 during the FTX collapse.