Trump Memecoins Cause Surge in Solana’s Market Activity
Over the weekend, significant developments occurred in the crypto market related to new memecoins and Solana's performance:
- Trump launched the TRUMP memecoin, achieving a $14 billion market cap within 33 hours, with an 80% insider allocation.
- Melania Trump announced the MELANIA memecoin on Sunday, which reached a $13 billion market cap shortly after its launch.
- The TRUMP coin's value dropped by 50%, while MELANIA experienced a surge.
- Solana (SOL) hit new highs at $292.
- Speculators are anticipating further tokens from the Trump family.
Despite infrastructure instabilities, the Solana network remained operational. The Jito block engine faced a three-hour disruption, causing median priority fees to increase significantly, while transaction counts fell by 66% during this time.
Users of Phantom wallet encountered loading failures and transaction issues due to excessive requests, processing over 10 million transactions on Sunday. Additionally, disruptions were reported on the Jupiter exchange and delays for transfers from Coinbase to Solana.
Solana's daily DEX volumes rose dramatically from $6 million on Friday to $39 million on Sunday. The real economic value (REV) on Solana spiked to $57 million on Sunday.
Overall, while speculators engaged actively in trading, reactions to the memecoin launches varied across the community.