The cryptocurrency market faced a surprise on Jan. 18 when the “Official Trump” (TRUMP) memecoin, endorsed by President-elect Donald Trump, was launched without prior notice. The announcement came via Trump’s social media accounts, directing users to purchase the Solana token using a specified centralized intermediary and providing the contract address.
The memecoin launch sparked a rally in Solana’s
$272.19
native token, pushing it to an all-time high of $270. This surge raised questions among traders about whether SOL’s current $120 billion market capitalization is sustainable and its implications for Ethereum
$3,275.29
, Solana’s main competitor. Ethereum had previously been perceived as Trump’s favorite due to its allocation within World Liberty Financial, a project closely associated with Trump, but the decision to launch Official Trump on the Solana network has raised eyebrows.
