Official Trump memecoin launch breaks records, as Solana (SOL) rallies to new all-time high
The Official Trump memecoin launch captivated the crypto market and could be behind Solana’s new price highs, but the real question is, how sustainable is the rally?
The cryptocurrency market faced a surprise on Jan. 18 when the “Official Trump” (TRUMP) memecoin, endorsed by President-elect Donald Trump, was launched without prior notice. The announcement came via Trump’s social media accounts, directing users to purchase the Solana token using a specified centralized intermediary and providing the contract address.
The memecoin launch sparked a rally in Solana’s (SOL) native token, pushing it to an all-time high of $270. This surge raised questions among traders about whether SOL’s current $120 billion market capitalization is sustainable and its implications for Ethereum (ETH), Solana’s main competitor. Ethereum had previously been perceived as Trump’s favorite due to its allocation within World Liberty Financial, a project closely associated with Trump, but the decision to launch Official Trump on the Solana network has raised eyebrows.
Ether/USD (left) vs. SOL/USD (right). Source: TradingView / Cointelegraph
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Author: Marcel Pechman
