Solana (SOL) Rockets to New All-Time High as TRUMP Mania Sweeps the Market

The cryptocurrency market has a brand new celebrity that has evidently pushed the native token of the blockchain it’s primarily based on to a brand new all-time excessive.

Extra particularly, the newly launched OFFICIAL TRUMP meme coin has propelled a large rally for SOL, which turned the highest gainer from the ten largest alts and briefly spiked to $270 for a contemporary peak, in line with CMC and most exchanges.

CryptoPotato reported earlier right this moment the most important information within the cryptocurrency business as of late – the launch of an official meme coin by the president-elect, Donald Trump.

Given his reputation and significance not solely within the crypto and monetary markets but additionally in the complete world, the token (TRUMP) gained large consideration, and its market cap has skyrocketed to roughly $6 billion as of now, making it the thirty third largest digital asset by that metric.

Being primarily based on Solana’s blockchain, the demand for the asset, which noticed buying and selling volumes of over $11 billion previously 24 hours, impacted the previous’s native token as properly.

In a panorama the place most altcoins, in addition to BTC, are posting every day declines, SOL has exploded by 18% throughout the previous 24 hours and now sits at $255. Furthermore, it briefly spiked to $270 on Coinbase and different exchanges to chart a brand new all-time excessive by breaking the November peak of $265.

SOL’s market cap has blown up as properly and is now above $120 billion, which made it the fifth-largest cryptocurrency, surpassing BNB’s $102 billion.

Other than the plain TRUMP meme coin mania, SOL’s value was just lately boosted by different optimistic developments associated to the US entrance.

In response to latest reports, the president-elect plans to spice up the native crypto ecosystem, which incorporates US-based tasks like Ripple and Solana.

Individually, the prospects of an SOL ETF have grown exponentially since Trump’s re-election and his upcoming inauguration, on condition that he has proven a considerably extra optimistic strategy to crypto.