SOL reaches $270 new ATH, DEX token rises sharply thanks to the MEMECOIN TRUMP

Solana (SOL) hit an all-time high on the morning of Jan. 19 as the price surged to $268.75, surpassing the previous ATH level last November. Currently, SOL is trading around $254, up 17%.

The impetus for this rally came from the launch of the Memecoin Official Trump (TRUMP), a token promoted by Donald Trump's own social media account on January 18.

Besides the Trump boom, the Solana ecosystem also recorded strong growth. Solana is currently the fifth largest cryptocurrency, with a market capitalization of $125 billion and a trading volume of $23.2 billion in the last 24 hours. SOL's total supply is 592.4 million tokens, of which 486.6 million are in circulation.

The TRUMP launch event not only helped SOL raise prices, but also fueled the upward momentum of projects on Solana.

Memecoin is released in collaboration with many protocols on Solana, including Moonshot (launchpad memenoin), Jupiter (DEX), and Meteora (liquidity protocol). As a result, Moonshot made it into the top 10 apps on the U.S. App Store, with $400 million in trading volume in just the first 12 hours.

At $24.60, TRUMP is now the 28th largest cryptocurrency by capitalization, recording more than $7 billion in trading volume on both centralized and decentralized exchanges.

Remarkably, TRUMP's trading volume even surpassed Dogecoin (DOGE), the oldest memenoin with a capitalization of $58 billion. The event also helped DeFi platforms on Solana such as Meteora and Raydium benefit greatly.

According to the report, the issuing team deposited 44.4 million TRUMP tokens into a one-way liquidity pool, that is, not directly paired with assets such as stablecoins.

The automated market making (AMM) process is managed by two DEX exchanges on Solana, Meteora and Jupiter. Currently, the largest liquidity pool is TRUMP-USDC with TVL $483 million, followed by TRUMP-SOL with $67 million.

Memecoin Official Trump (TRUMP) contributed to helping the Solana ecosystem set a record trading volume on the DEX reaching $10.27 billion in 24 hours, an unprecedented figure in crypto history.

According to data from SolanaFloor, Solana accounts for 49% of total DEX trading volume, far outpacing the total volume of all other blockchains combined.

In the 24-hour DEX volume ranking, Binance Smart Chain (BSC) ranked second with $2.88 billion, followed by Ethereum with $2.81 billion, while Base ($1.94 billion), Arbitrum ($776 million), and Sui ($534 million) contributed only a fraction of Solana.

In parallel, tokens belonging to the DEX ecosystem on Solana also exploded. Jupiter (JUP) rose 31.29%, to $1,094, while Raydium (RAY) rose 14.26%, to $7.03.

The Jupiter founder, nicknamed “Meow,” said the excessive amount of traffic caused the system failure, but the team is rolling out major updates to fix the situation.

The TRUMP event also boosted expectations for the spot Solana ETF, with some experts speculating that approval is likely by the end of 2025, especially with the Trump administration.

However, whether the SEC classifies Solana as a commodity or a security will determine the progress of ETF approval. If the SEC places Solana in the securities pool, the ETF filing process could face many of the same hurdles as Bitcoin and Ethereum in the past.