TRUMP Memecoin Fuels SOL Price Surge Over Ethereum as Solana’s TVL Reaches $12 Billion
The post TRUMP Memecoin Fuels SOL Price Surge Over Ethereum as Solana’s TVL Reaches $12 Billion appeared on BitcoinEthereumNews.com.
The cryptocurrency market witnessed a significant shift following the inauguration of Donald Trump as U.S. President on January 20, 2025. Is everything coming up Trumps?! Solana (SOL) emerged as a standout performer, buoyed by the launch of the Official Trump (TRUMP) meme coin on its blockchain. This surge helped Solana outperform rivals like Ethereum (ETH) but also propelled its total value locked (TVL) to an all-time high of $12 billion. Solana Outpaces Ethereum Amid Memecoin Frenzy On January 19, the price of Solana against Ethereum hit a record 0.0936 before stabilizing at 0.0769. The debut of TRUMP memecoin has triggered huge interest, which is evident in the surging price and trading volume of Solana. The Solana network has also seen a 46% increase in TVL over the past month, outpacing other Layer-1 blockchains such as Ethereum and BNB Smart Chain. Solana (SOL) has been surging consistently since mid-October 2023. Source: Abdullah_Faraz/TradingView “Eth has definitely been a loser in the recent meme coin wave, as many of the largest memecoins have come about on the Solana ecosystem,” said Le Shi, Managing Director at market-making firm Auros. Surging Network Activity and TVL Growth DefiLlama data revealed that Solana’s TVL soared by nearly 50% in just seven days, surpassing the $10 billion mark for the first time since November 2022. The resurgence in network activity was evident as daily transactions on Solana rose from 45,881 to 57,084 between January 17 and 19. Solana’s TVL exceeds the $12 billion mark. Source: NXXN via X “Several indicators were pointing to Solana’s outperformance two days ago, and that’s compounded with Trump’s memecoin launch and strategic reserve rumors,” noted crypto analyst Greeny, who predicted medium-term price targets of $370 and $425 for SOL. Memecoins and Market Sentiment TRUMP memecoin did reach a market capitalization of $15 billion…
Filed under: News - @ January 23, 2025 8:20 am