The native token of the Solana blockchain, SOL, has skyrocketed to a fresh record high after the network hosted the on-fire President-elect Donald *****’s official meme coin, *****. The ***** token launch caught the attention of the crypto market and could be behind Solana’s new price highs.
Solana Price Hits New Record High
The crypto market experienced a big surprise on Jan. 18 when the ‘official’ ***** (*****) meme coin, endorsed by President-elect Donald *****, debuted without prior notice.
Despite the highly competitive memecoin market, ***** quickly reached a jaw-dropping market capitalization of $14.7 billion, according to CoinGecko. ***** is currently sitting at a price of about $73.27. The Solana token is now the 16th most valuable coin on the market.
***** was immediately listed on Bitget, Kraken, and KuCoin. The ***** token is set to soon be listed on major crypto exchanges, including Coinbase and Binance.
Donald *****’s son, Eric *****, praised the launch on X, positing:
“I am extremely proud of what we continue to accomplish in crypto. $***** is currently the hottest digital meme on earth.”
The meme coin’s outstanding debut sparked a rally in Solana’s SOL, pushing it to a fresh lifetime high of $293.31 — eclipsing its previous all-time high set in November. At press time, CoinGecko shows SOL up 16.4% on the day at a current price of $291.79. The Ethereum killer is the best-performing among the top 10 coins over the past 24 hours. SOL is the fourth-largest crypto with a market cap of $139 billion.
SOL ETFs Next?
Meanwhile, some crypto commentators expect a U.S.-listed spot Solana exchange-traded fund (ETF) to be approved by the end of this year, thanks to the anticipations of a more pro-crypto White House after *****’s inauguration on Jan. 20. As ZyCrypto reported earlier, banking giant JPMorgan estimates that SOL-based products could attract between $3 billion and $6 billion within the first six to 12 months if approved.
That said, whether SOL is classed as an unregistered security or a commodity by the new Securities and Exchange Commission commissioners will be pivotal in the ETF approval process.