The cryptocurrency market has a new superstar that has evidently pushed the native token of the blockchain it is based on to a new all-time high.
More specifically, the newly launched OFFICIAL TRUMP meme coin has propelled a massive rally for SOL, which became the top gainer from the 10 largest alts and briefly spiked to $270 for a fresh peak, according to CMC and most exchanges.
CryptoPotato reported earlier today the biggest news in the cryptocurrency industry as of late – the launch of an official meme coin by the president-elect, Donald Trump.
Given his popularity and significance not only in the crypto and financial markets but also in the entire world, the token (TRUMP) gained massive attention, and its market cap has skyrocketed to roughly $6 billion as of now, making it the 33rd largest digital asset by that metric.
Being based on Solana’s blockchain, the demand for the asset, which saw trading volumes of over $11 billion in the past 24 hours, impacted the former’s native token as well.
In a landscape where most altcoins, as well as BTC, are posting daily declines, SOL has exploded by 18% within the past 24 hours and now sits at $255. Moreover, it briefly spiked to $270 on Coinbase and other exchanges to chart a new all-time high by breaking the November peak of $265.
SOL’s market cap has blown up as well and is now above $120 billion, which made it the fifth-largest cryptocurrency, surpassing BNB’s $102 billion.
Aside from the obvious TRUMP meme coin mania, SOL’s price was recently boosted by other positive developments related to the US front.
According to recent reports, the president-elect plans to boost the local crypto ecosystem, which includes US-based projects like Ripple and Solana.
Separately, the prospects of an SOL ETF have grown exponentially since Trump’s re-election and his upcoming inauguration, given that he has shown a substantially more positive approach to crypto.
