Solana stock rose 15% after launching a Trump-themed meme, and the price of ether fell.

Solana Sol The token was launched after a meme coin associated with the president-elect Donald Trump It was launched on the popular blockchain network.

The price of SOL rose more than 15% to $254.71 on Saturday, according to Coin Metrics. Earlier, it rose by about 23%. etherThe stock of one of its main competitors fell 7%.

The moves began late Friday after the launch of a new meme coin This was announced through Trump’s social media accounts It is released on the Solana blockchain. “Official Trump” (Trump) It has attracted over $5 billion since then to become the largest meme on the Solana network, According to CoinGecko.

The move came ahead of Trump’s inauguration on Monday, which is widely expected to herald a new era of innovation and productivity in the cryptocurrency industry, and on the day cryptocurrency villain Gary Gensler ended his term as SEC chairman.

Solana is the fourth largest cryptocurrency by market cap, excluding stablecoins. It was created in 2020 as a faster and cheaper alternative to Ethereum and now hosts some of the most popular coins such as com. dogwifat and Obese penguinsIn addition to decentralized finance (DeFi) and gaming projects.

The token has become so popular that asset managers are seeking to issue exchange-traded funds to track its price. The January 25 decision deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching. On Friday evening, ProShares also placed orders for four different ETFs based on SOL. If SOL ETFs are approved this year, they may attract only a fraction of the assets that flowed into Bitcoin ETFs in their first year of trading, According to JP Morgan.

SOL is up 85% in 2024. It is now about 4% below its all-time high of $264.56, as of November 22.

Trump’s latest crypto project

The “official Trump” coin was announced on President-elect

It began trading around 10:40 PM EST on Friday at $4.29 and has since risen 604% to $30.22, according to CoinGecko data.

The meme coin is the latest cryptocurrency project to come out of the Trump team – which has also launched two NFT collections – Trump Digital Trading Cards on the Polygon blockchain and Trump Bitcoin Digital Trading Cards on the Bitcoin network – as well as the DeFi World Liberty financial platform on the Ethereum network.

The role of memes in internet culture reflects the origins, culture, and permissionless nature of the cryptocurrency industry. This could give them greater staying power than meme stocks – the original meme coin and one of the oldest cryptocurrencies, Dogecoinis the seventh largest cryptocurrency by market capitalization – but is widely viewed as purely speculative and often lacking in intrinsic value.

Disclaimer about the new currency Website It says it “is intended to serve as an expression of support for and engagement with the ideals and beliefs embodied by the ‘$TRUMP’ symbol and associated artwork, and… is not intended to be, or be the subject of, an investment opportunity, investment contract, or guarantee of any kind.” “