Solana TVL Surges Past 10 Billion After TRUMP Memecoin Launch
The launch of a cryptocurrency endorsed by an incoming U.S. President marks a significant shift toward a more open and supportive stance on cryptocurrency innovation in the United States.
The “official” memecoin of President-elect Donald Trump, $TRUMP, has sparked a surge in interest in Solana (SOL), driving a sharp increase in its price and trading volume. This momentum propelled the total value locked (TVL) on the Solana network to exceed $10 billion for the first time since the collapse of FTX.
Trump’s decision to launch the memecoin on Solana catalyzed a 23% rally in SOL’s price, pushing it to a record high and boosting the dollar value locked in its smart contracts. Data from DeFiLlama reveals that Solana’s TVL now stands at $12 billion—a new all-time high.
Steady Growth in Solana’s Value Locked
Measured in SOL, the TVL on Solana has been consistently climbing since early last year, recently surpassing 45 million SOL. This marks the highest level since August 2022, just before the collapse of FTX, whose co-founder, Sam Bankman-Fried, was a prominent Solana supporter.
The $TRUMP memecoin was launched by CIC Digital LLC, a Trump-affiliated organization, alongside Fight Fight Fight LLC. Together, these entities control 80% of the memecoin’s total supply, which will be released gradually over the next three years, as reported by the BBC.
Since its debut, $TRUMP has dominated cryptocurrency headlines and is set to be listed on major exchanges such as Binance and Coinbase. The memecoin has already secured its position as the third-largest memecoin by market capitalization, trailing only Shiba Inu and Dogecoin.
The token’s launch involved key Solana ecosystem protocols, including Jupiter and Meteora, and triggered a wave of activity on decentralized exchanges. Data from DeFiLlama shows that Raydium surpassed Tether in 24-hour fee generation, reflecting the intense trading activity.
Record Trading Volumes and User Adoption
Moonshot backed by Donald Trump
Moonshot, the memecoin trading platform linked to $TRUMP and promoted by Donald Trump on social media, reported a staggering $400 million in trading volume within the first 12 hours of the token’s launch. The platform also onboarded over 200,000 new users to the Solana network during this period.
The launch of $TRUMP has fueled optimism around a potential Solana exchange-traded fund (ETF). Traders on Polymarket increased their expectations for an ETF launch on July 31 from 43% to 61%, signaling growing confidence in Solana’s future prospects.
The surge in users and trading activity provides an opportunity for Solana to demonstrate the robustness of its network, especially given its history of outages. If Solana can handle the spike in demand without crashing, the network’s ecosystem could attract continued inflows and continued user adoption.
Broader Implications for Crypto in the United States
Another indication of a possible change in U.S. government policy on cryptocurrencies is the introduction of the $TRUMP memecoin. The world’s largest economy’s new president has given the industry legitimacy by embracing a memecoin rooted on Solana.
Erik Voorhees on X
In response, cryptocurrency pioneer Erik Voorhees called the development “a shift in US fintech policy toward much easier innovation.”
With Solana continuing to build on this momentum, the introduction of the $TRUMP memecoin may be a game-changer for the network and the cryptocurrency market as large.
