The launch of an “official” Trump-themed memecoin on Solana has shaken the crypto market, pushing Solana’s SOL up 9%, while XRP and ETH saw declines amid profit-taking and shifting sentiment.
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Key Details:
Trump Memecoin Surge:
Issued on Solana and promoted on Trump’s verified X and Truth Social accounts.
The token’s price soared from a few cents to $14 in less than six hours.
Attracted $3 billion in trading volume shortly after launch, driving demand for SOL.
Market Reactions:
SOL: Up 9% as traders bet on the Trump memecoin’s success.
XRP: Fell 5% after hitting $3, its highest since 2018, following a 40% weekly gain. XRP had rallied on speculation about Trump’s support for U.S.-linked tokens and Ripple Labs’ ties to his administration.
ETH: Traders viewed the memecoin’s Solana launch as bearish for Ethereum, contributing to price declines.
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Broader Context:
The memecoin launch aligns with Trump’s pro-crypto stance and his plan to issue an executive order making crypto a “national policy priority.”
