Solana set a brand new all-time excessive of $295 as euphoria across the TRUMP memecoin spurs bullish curiosity
The community token rose over 20% on Saturday, January 18 as on-chain buying and selling quantity reached $27 billion
Solana’s community token, SOL, rallied to a brand new all-time excessive of round $295 following a spike in on-chain buying and selling exercise, which succeeded the announcement of an official TRUMP token late Friday, January 17.
Round 9:44 PM EST, President-elect, Donald Trump, tweeted the brand new memecoin from his official X account.
My NEW Official Trump Meme is HERE! It’s time to have fun every thing we stand for: WINNING! Be a part of my very particular Trump Group. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Enjoyable! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
Whereas preliminary consumers have been cautious, considering the announcement to be a results of hackers, crypto sleuths quickly found the launch to be reputable. Funds started to circulation into the token one to a few hours post-launch.
The memecoin’s legitimacy, fuelled by Trump’s recognition within the crypto area and his political place, drew merchants who transacted a complete quantity of round $27 billion over the 24 hours after the token’s launch.
Solana worth motion
Solana rallied from $219.53 on Saturday morning to a excessive of round $290 on Sunday morning. Nevertheless, the value didn’t shut above the earlier all-time excessive on the each day timeframe.
The worth fell barely from the brand new all-time excessive Sunday afternoon as open curiosity ranges on Binance declined.
SOL’s worth has begun to recuperate and trades at $264.32 as of publishing.
