Following the launch of President-elect Donald Trump’s memecoin on the Solana community, the value of the SOL token skyrocketed on January 18, reaching a value of round $243 on the time of writing.
This enhance represented a 11% enhance in its market worth, since SOL, token native of the community, began the day at roughly $218.
These knowledge might be seen within the following graph extracted from the TradingView monetary evaluation platform:
The argument behind this rise of SOL was the launch of the memecoin Official Trump (TRUMP) of the brand new electro president of the USA, Donald Trump. This token was broadcast in Solanaa community that has grow to be the favourite web site for the issuance of memecoins. Due to this fact, the big variety of customers who started to function with TRUMP needed to work together with this community.
As CriptoNoticias reported it, TRUMP’s value grew greater than 200% and have become the fourth memecoin highest market capitalization in 24 hours.
When a memecoin turns into standard amongst customers and traders, there may be usually a big enhance in transactions throughout the community the place it’s issued, on this case Solana. Since each transaction on this community requires cost of charges in SOL, this suggests that customers should personal SOL, which will increase the demand for token.
Certainly, within the final 24 hours there was a big enhance within the worth of commissions in Solana, exceeding by a million {dollars} the worth of commissions paid in Ethereum, which additionally interprets into better earnings for the validators of this community .
Moreover, if a memecoin If Solana begins to realize worth shortly, it will probably trigger a FOMO impact (Worry Of Lacking Out) amongst traders, main them to purchase not solely the memecoin TRUMP but in addition SOL, speculating on future alternatives on the community. That is particularly as a result of Solana has grow to be the popular community for the issuance of memecoins, which has been one of the profitable developments on this bullish cycle.
