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 grew to become 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 at this time the largest information within the cryptocurrency trade 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 in addition in your entire world, the token (TRUMP) gained huge 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 prior to now 24 hours, impacted the previous’s native token as properly.
In a panorama the place most altcoins, in addition to BTC, are posting day by day declines, SOL has exploded by 18% inside 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.
Except for the apparent TRUMP meme coin mania, SOL’s worth was not too long ago boosted by different constructive developments associated to the US entrance.
In accordance with latest experiences, the president-elect plans to spice up the native crypto ecosystem, which incorporates US-based initiatives 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 constructive method to crypto.
SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome supply on Binance (full particulars).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this hyperlink to register and open a $500 FREE place on any coin!