President-elect Donald Trump launched an official TRUMP meme coin on Solana late Friday, attracting billions of dollars' worth of trading volume as the coin vaulted into the top 40 cryptocurrencies by market cap. But other major meme coins appear to be falling in price as traders sell to ape into TRUMP instead.
Dogecoin, for example, rose to a more than one-month peak price of above $0.43 on Friday night before the TRUMP news began widely circulating. Quickly, it fell, dropping to a current price of $0.397 as likely sales drove down the price.
DOGE is down 8% from that late Friday peak, and 3% over the last 24 hours. But it's still up 18% on the week thanks to sizable gains in recent days.
Did Donald Trump Really Just Drop a Solana Meme Coin?
Talk about a Friday night surprise. President-elect Donald Trump's social media accounts shared what appears to be an official Solana meme coin called TRUMP, just three days before he's set to be sworn in for his second term in the White House. Degen traders bought in immediately, generating hundreds of millions of dollars' worth of trading volume as on-chain sleuths and security experts hunted for red flags. But with Trump's X and Truth Social posts still live after more than an hour, and some...
Other major meme coin charts look similar, with Shiba Inu (SHIB) and Pepe (PEPE) among those coins that have fallen since the TRUMP token gained steam on Friday. SHIB is now down 6% on the day, with Pepe down 5%.
Not every meme coin is faring as badly, however. A pair of prominent Solana-based meme coins, Bonk (BONK) and SPX6900 (SPX), have seen only modest dips since Friday night and remain substantially up over the past day.
And Fartcoin (FARTCOIN) is only seeing explosive demand, with the Solana meme coin rising to a new all-time high price of $1.75 on Saturday morning. The coin has more than doubled in price over the last week.
Solana appears to be the key connective tissue here as the network that Trump's team chose for the TRUMP token. Solana itself has jumped by 10% over the past 24 hours, making it the biggest gainer in the top 10 cryptocurrencies during that span, and rose as high as nearly $244—the highest price seen since November.
Donald Trump Inauguration Will Bring ‘Noise’ to 2025 Crypto Market: Analysts
Monday’s inauguration of Donald Trump isn’t likely to bring any significant price moves for major cryptocurrencies, according to industry experts who spoke to Decrypt before Friday night's surprise drop of an official Trump meme coin. Well-established coins such as Bitcoin, Solana, and XRP have risen considerably since the Republican’s election victory on November 5, leading some experts to suggest that the market has already priced in the inauguration. “I do not anticipate any significant movem...
Additionally, the tokens of leading Solana decentralized exchanges are booming thanks to the TRUMP demand, with Jupiter's JUP token up 20% on the day and Raydium's RAY rising 19%.
TRUMP is currently sitting at a price of about $21 after nearly touching $24 earlier Saturday. The Solana token now has a market cap above $4 billion, making it the 38th most valuable coin on the market, with CoinGecko reporting some $6.8 billion worth of trading volume since Friday night's launch.
