Solana has jumped 4% over the past 24 hours as the market sees an upturn following the failed assassination attempt on former president Donald Trump. Alongside the news, which many are saying bolsters his bid for the presidency, the Solana meme coins have skyrocketed and are outperforming the network’s native token by a wide margin.
Popular meme coin Billy (BILLY) has soared 44% over the past day, extending its lead as the largest Pump.fun created token by market capitalization. At the time of writing, it sits at a market cap of $168 million, while Michi (MICHI) in second place trails behind at $100 million.
That said, Michi has also posted impressive gains leaping 28% over the past 24 hours. It appears that nothing out of the ordinary has happened with the project, with its Twitter account still posting regular Michi edits—even roping the cat into the failed Trump assassination attempt.
fight pic.twitter.com/1k79z1gHQZ
— michi (@michionsolana) July 14, 2024
Other Solana meme coins have also outperformed SOL, with tokens like Popcat (POPCAT) jumping 27.6%, Matt Furie-inspired token LandWolf (WOLF) climbing 13.5%, and Gigachad (GIGA) up 12.1%. In fact, most of the Solana meme coin market is up over the past 24 hours including Dogwifhat (WIF) up 3.1% and Bonk (BONK) 2.4%.
This rally comes after the German government finally emptied its wallets on Friday after sending billions worth of Bitcoin to exchanges and market makers. The alleviation of this significant selling pressure caused the market to start its recovery at the start of the weekend.
This rally was then strengthened by the failed assassination attempt on Trump which appears to have bolstered his election bid. As the presumptive Republican nominee is perceived as the pro-crypto candidate, crypto markets have jumped accordingly.
Both Bitcoin (BTC) and Ethereum (ETH) have climbed 4.3% and 4.4% respectively with Solana trailing just behind at 4%. Over the week, Solana is up 8.8% while Bitcoin is up 9% and Ethereum is up 9.8%.
Edited by Stacy Elliott.