As anticipation builds around President-elect Donald Trump’s inaugural address on January 20, the broader cryptocurrency market has witnessed a big rally, with Solana (SOL) hitting a latest all-time high of over $270 on Saturday. 

Solana Surges Past $270 Amid Record TVL 

In a striking 24-hour period, Solana surged greater than 25%, briefly reaching $270.21 before retracting to around its current trading price of $252 per token.

Underlying this impressive price movement is a noteworthy development: Solana’s Total Value Locked (TVL) has also reached a record high. 

Data from DeFiLlama indicates that Solana’s TVL hit $10.33 billion, surpassing its previous all-time high of $10.027 billion set in November 2021. 

A key think about this phenomenon appears to be the launch of a latest memecoin, dubbed ‘Official Trump (TRUMP),’ which was announced by Trump in a post on Truth Social late Friday. 

The cryptocurrency was introduced to rejoice his electoral win and upcoming inauguration. In consequence, the value of TRUMP skyrocketed by over 300%, reaching slightly below $29 and achieving a market capitalization of $5.81 billion.

TRUMP Memecoin’s Impact On SOL

Developed on the Solana blockchain, the TRUMP token has a limited supply of 200 million coins at launch, with plans to progressively expand to a complete of 1 billion coins over the following three years. 

Ownership of the remaining 80% of the tokens, which have yet to be released, is held by the Trump Organization’s affiliate, CIC Digital LLC, and Fight Fight Fight LLC—a Delaware-based company formed shortly after the election. 

Along with the joy surrounding the TRUMP token, other positive developments have contributed to SOL’s upward momentum. 

The anticipated launch of Solana spot exchange-traded funds (ETFs) and its inclusion within the US strategic reserve assets are generating buzz amongst investors.

Featured image from DALL-E, chart from TradingView.com