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In the wake of the launch of a meme coin themed to President-elect Donald Trump, the cryptocurrency Solana SOL/USD has surged 15% on Saturday.
What Happened: According to Coinmarketcap, the SOL token of Solana experienced a significant value increase following the launch of a Trump-themed meme coin on the Solana blockchain.
On Saturday, SOL’s price soared more than 15% to $254.71. The newly introduced meme coin, named “Official Trump” TRUMP/USD, was unveiled on Trump’s social media accounts late Friday and has since garnered more than $5 billion, making it the largest meme coin on the Solana network, according to CoinGecko.
Trump himself, and entities directly connected to him, have earned as much as $25 billion from the offering, according to Axios.
This development is timed ahead of Trump’s inauguration on Monday, which is anticipated to usher in a new era of innovation and productivity in the crypto industry. It also coincides with the conclusion of Gary Gensler‘s term as chairman of the Securities and Exchange Commission.
